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2007 SESSION

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HB 2122 Health Insurance Risk Transfer Plan; created.

Introduced by: Robert G. Marshall | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Health Reinsurance Pool Act.  Establishes the Virginia Health Insurance Risk Transfer Plan as a nonstock corporation, and every health insurance carrier writing health insurance in the Commonwealth, except Medicaid-only health maintenance organizations and certain other carriers, shall be a member. Self-funded health insurance plans may also become members, provided that, if they join the pool, they are required to remain liable for Pool assessments for three years after withdrawing from the Plan. Voting power is allocated based on the number of covered individuals, provided members will have no more than 49 percent of the voting power. The Plan is directed to submit to the Commissioner of Insurance a proposed plan of operation that provides for the creation of a reinsurance pool. Members may cede risk to the reinsurance pool. Plan members ceding a risk to the Pool shall pay the Pool a premium determined by the rules governing the Pool.  


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