The purpose of this article is to authorize the Commission, pursuant to the authority granted in § 38.2-223, to issue rules and regulations to:
1. Establish the minimum standards for filing of policy forms for individual and small group health benefit plans as defined in § 38.2-3438;
2. Establish the minimum standards, terms, and coverages for individual and group accident and sickness policies known as excepted benefits, as defined in § 38.2-3431; and
3. Establish the minimum standards for short-term limited-duration insurance. The Commission shall ensure that policy standards are simple and understandable and are not misleading or unreasonably confusing and that the sale of such policies provides for full disclosure.