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1999 SESSION

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HB 2643 Accident and sickness claim proceeds; escrow accounts; penalty.

Introduced by: H. Morgan Griffith | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Accident and sickness claim proceeds; escrow accounts; penalty. Provides that an insurer must, within thirty days of receipt of proof of loss, either pay an accident and sickness claim or place in an interest-bearing escrow account an amount equal to the usual and customary fee charged for the service rendered. All interest earned from the money placed in escrow is to be paid annually to the Virginia Indigent Health Care Trust Fund. Any person who knowingly and willfully fails to pay in a timely manner the contribution owed to the fund may be civilly liable for penalties up to $500 per day.


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