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2005 SESSION

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CHAPTER 399 An Act to amend and reenact § 38.2-3407.14 of the Code of Virginia, relating to health insurance; notice of premium increases. [H 2143] Approved March 21, 2005  

Be it enacted by the General Assembly of Virginia:

1.  That § 38.2-3407.14 of the Code of Virginia is amended and reenacted as follows:

§ 38.2-3407.14. Notice of premium increases.

A. Each (i) insurer issuing individual or group accident and sickness insurance policies providing hospital, medical and surgical or major medical coverage on an expense-incurred basis, (ii) corporation providing individual or group accident and sickness subscription contracts, and (iii) health maintenance organization providing a health care plan for health care services, shall provide in conjunction with the proposed renewal of coverage under any such policies, contracts or plans, prior written notice of intent to increase by more than thirty-five 35 percent the annual premium charged for coverage thereunder.

B. Notice required by this section shall be provided in writing at least sixty 60 days prior to the proposed renewal of coverage under any such policy, contract, or plan to the policyholder, contract holder or subscriber, or to the designated consultant or other agent of the group policyholder, contract holder, or subscriber if requested in writing by the group policyholder, contract holder, or subscriber, as appropriate.