Each health maintenance organization shall deposit and maintain acceptable securities with the State Treasurer in amounts prescribed by § 38.2-4310.1. The deposit shall be held as a special fund in trust, as a guarantee that the obligations to the enrollees who are residents of this Commonwealth will be performed. The securities shall be deposited pursuant to a system of book-entry evidencing ownership interests of the securities with transfers of ownership interests effected on the records of a depository and its participants pursuant to rules and procedures established by the depository. Upon a determination of insolvency or action by the Commission pursuant to Chapter 15 (§ 38.2-1500 et seq.), the deposit shall be an asset subject to the provisions of Chapter 15 and shall be used to protect the interests of the health maintenance organization's enrollees and to assure continuation of covered services to enrollees. A health maintenance organization shall be subject to the provisions of Chapter 17 (§ 38.2-1700 et seq.).
1980, c. 720, § 38.1-874; 1986, c. 562; 1989, c. 216; 1990, c. 224; 1992, cc. 14, 20; 2000, c. 503; 2014, c. 814; 2018, c. 706; 2021, Sp. Sess. I, c. 158.
Structure Code of Virginia
Chapter 43 - Health Maintenance Organizations
§ 38.2-4301. Establishment of health maintenance organizations
§ 38.2-4302. Issuance of license; fee; minimum net worth; impairment
§ 38.2-4305. Fiduciary responsibilities
§ 38.2-4306. Evidence of coverage and charges for health care services
§ 38.2-4306.1. Interest on claim proceeds
§ 38.2-4307.1. Additional reports
§ 38.2-4310. Protection against insolvency
§ 38.2-4312. Prohibited practices
§ 38.2-4312.1. Pharmacies; freedom of choice
§ 38.2-4312.3. Patient access to emergency services
§ 38.2-4313. Licensing of agents
§ 38.2-4314. Powers of insurers and health services plans
§ 38.2-4316. Suspension or revocation of license
§ 38.2-4320. Authority of Commonwealth to contract with health maintenance organizations
§ 38.2-4321. Health maintenance organization affected by chapter