38.2-5202 - Promulgation of regulations; standards for policy provisions.
§ 38.2-5202. Promulgation of regulations; standards for policy provisions.
A. The Commission may adopt regulations to establish specific standards forpolicy provisions of long-term care insurance policies. These standards shallbe in addition to and in accordance with applicable laws of thisCommonwealth. The standards shall address terms of renewability,nonforfeiture provisions if applicable, initial and subsequent conditions ofeligibility, continuation or conversion, nonduplication of coverageprovisions, coverage of dependents, preexisting conditions, termination ofinsurance, probationary periods, limitations, exceptions, reductions,elimination periods, requirements for replacement, recurrent conditions,definitions of terms, and disclosure of rating practices to consumers and mayaddress any other standards considered appropriate by the Commission.
B. The Commission shall promulgate such regulations regarding long-term careinsurance policies and certificates as it deems appropriate.
C. Regulations issued by the Commission shall:
1. Recognize the unique, developing and experimental nature of long-term careinsurance;
2. Recognize the appropriate distinctions necessary between group andindividual long-term care insurance policies;
3. Recognize the unique needs of both those individuals who have reachedretirement age and those preretirement individuals interested in purchasinglong-term care insurance products; and
4. Recognize the appropriate distinctions necessary between long-term careinsurance and accident and sickness insurance policies, prepaid health plans,and other health service plans.
(1987, c. 586; 1990, c. 285; 2000, c. 559; 2001, c. 114.)