Section 10. Purpose

Latest version.

The purpose of this chapter (14VAC5-120-10 et seq.) is to implement the "Individual Accident and Sickness Insurance Minimum Standards Act" with respect to specified disease policies.

This chapter is designed to:

1. Provide reasonable standardization and simplification of terms and coverages of individual specified disease policies;

2. Facilitate public understanding and comparison;

3. Eliminate provisions contained in individual specified disease policies which may be misleading or unreasonably confusing in connection either with the purchase of such coverages or with the settlement of claims; and

4. Provide for full disclosure in the sale of individual specified disease coverages.

Historical Notes

Derived from Regulation 21, Case No. INS810010, § 2, eff. June 1, 1981.

Statutory Authority

§§ 38.2-514, 38.2-3516 through 38.2-3520 of the Code of Virginia.

                    
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