§ 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 35 percent the annual premium charged for coverage thereunder.
B. Notice required by this section shall be provided in writing at least 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.
(1999, cc. 643, 649; 2005, c. 399.)
Sections: Previous 38.2-3407.11:1 38.2-3407.11:2 38.2-3407.11:3 38.2-3407.12 38.2-3407.13 38.2-3407.13:1 38.2-3407.13:2 38.2-3407.14 38.2-3407.15 38.2-3407.16 38.2-3408 38.2-3409 38.2-3410 38.2-3411 38.2-3411.1 NextLast modified: April 3, 2009