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2018 SESSION
HB 1486 Va. Life, Accident & Sickness Insurance Guaranty Assoc.; assessments for long-term care insurance.
Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Virginia Life, Accident and Sickness Insurance Guaranty Association. Amends the methodology for allocating assessments for long-term care insurance written by an impaired or insolvent insurer. The measure requires that 50 percent of such assessments be allocated to health insurers and 50 percent to life insurers. The measure provides that health maintenance organizations (HMOs) will participate in the Guaranty Association. Provisions that established an alternative method to address insolvencies of HMOs are repealed. The measure also updates terminology and makes conforming amendments based on proposed changes to the National Association of Insurance Commissioners' Life and Health Insurance Guaranty Association model act.
SUMMARY AS INTRODUCED:
Virginia Life, Accident and Sickness Insurance Guaranty Association. Amends the methodology for allocating assessments for long-term care insurance written by an impaired or insolvent insurer. The measure requires that 50 percent of such assessments be allocated to health insurers and 50 percent to life insurers. The measure also updates terminology, provides for treatment of health maintenance organizations, and makes conforming amendments based on proposed changes to the National Association of Insurance Commissioners' Life and Health Insurance Guaranty Association model act.