Section 10. Purpose

Latest version.

The purpose of this chapter (14VAC5-110-10 et seq.) is to establish standards for simplified and readable accident and sickness insurance policy forms. All insurers shall be required by this chapter to use policy forms which are: (i) written in simplified language; (ii) logically and clearly arranged; (iii) printed in a legible format; and (iv) understandable to a person of average intelligence without special insurance knowledge or training.

This chapter (14VAC5-110-10 et seq.) is not intended to: (i) increase the risk assumed by insurers; (ii) supercede their obligation to comply with the substance of other insurance laws and regulations applicable to accident and sickness insurance policies; (iii) impede flexibility and innovation in the development of policy forms or content; or (iv) lead to the standardization of policy forms or content.

Historical Notes

Derived from Regulation 18, Case No. INS800061, § 2, eff. January 1, 1977; amended eff. January 1, 1981.

Statutory Authority

§ 38.2-3404 of the Code of Virginia.

                    
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