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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 14. Insurance |
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Agency 5. State Corporation Commission, Bureau of Insurance |
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Chapter 140. Rules Governing the Implementation of the Individual Accident and Sicknessinsurance Minimum Standards Act |
Section 10. Purpose
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The purpose of this chapter (14VAC5-140-10 et seq.) is to implement the "Individual Accident and Sickness Insurance Minimum Standards Act," Article 2 (§ 38.2-3516 et seq.) of Chapter 35 of Title 38.2 of the Code of Virginia.
This chapter is designed to:
1. Provide reasonable standardization and simplification of terms and coverages of individual accident and sickness insurance policies;
2. Facilitate public understanding and comparison;
3. Eliminate provisions contained in individual accident and sickness insurance policies which may be misleading or unreasonably confusing in connection either with the purchase of such coverage or with the settlement of claims; and
4. Provide for full disclosure in the sale of individual accident and sickness coverages.
Historical Notes
Derived from Regulation 19, Case No. INS880413, § 2, eff. January 1, 1989.