§ 38.2-3608. Regulations establishing minimum standards
A. The Commission may issue regulations to establish minimum standards for payment of claims under Medicare supplement policies and for marketing practices, compensation arrangements, requirements for loss ratio refunds or credits, Medicare select policies and certificates, and reporting practices of insurers providing such policies.
B. The Commission may revise or amend such regulations and may increase the scope of the regulations only to the extent necessary to maintain federal approval of the Commonwealth's program for regulation of Medicare supplement insurance pursuant to the requirements established by the United States Department of Health and Human Services.
C. The Commission shall annually advise the standing committees of the General Assembly having jurisdiction over insurance matters of revisions and amendments made pursuant to subsection B.
(1989, c. 151; 1990, c. 268; 1992, c. 225; 1996, c. 11.)
Sections: Previous 38.2-3600 38.2-3601 38.2-3602 38.2-3603 38.2-3604 38.2-3605 38.2-3606 38.2-3607 38.2-3608 38.2-3609 NextLast modified: April 3, 2009