                                 CODE OF VIRGINIA

REGULATIONS ESTABLISHING MINIMUM STANDARDS (§ 38.2-3608)

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&#8217;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.

HISTORY: 1989, c. 151; 1990, c. 268; 1992, c. 225; 1996, c. 11.