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1998 SESSION

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HB 855 Life and health insurance policies; delivery requirements.

Introduced by: Harvey B. Morgan | all patrons    ...    notes | add to my profiles

SUMMARY:

Group life and group accident and sickness insurance policies; delivery requirements. Amends the requirements for delivery or issue for delivery of certain group life and group accident and sickness insurance policies. Group life and group accident and sickness insurance policies which are issued outside of the Commonwealth but cover Virginia residents must meet certain requirements if the policy is issued to a group other than one of the following: an employer, a creditor, a labor union or similar employee organization, certain trusts and associations, or a credit union. Group life and group accident and sickness insurance policies which are issued out-of-state to groups other than those listed above and which cover Virginia residents shall not be delivered in this Commonwealth unless the State Corporation Commission (SCC) finds that (i) the issuance of such group policy is not contrary to Virginia's public policy and is in the best interest of the citizens of this Commonwealth; (ii) the issuance of the group policy would result in economies of acquisition or administration; and (iii) the benefits are reasonable in relation to the premium charged. An insurer which files a certification with the SCC that another state has made a determination that such requirements have been met may issue the policy. Group life and group accident and sickness insurance policies which are issued to a type of group other than those listed above and which do not meet the above requirements shall be subject to the statutory requirements of Title 38.2. Such policies failing to meet these provisions may only be marketed by agents holding a valid insurance agent license. The SCC may review the records of any insurer to determine compliance with the requirements of this bill.


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