Section 10. Purpose

Latest version.

The purposes of this chapter (14VAC5-130-10 et seq.) are to: (i) implement procedures for the filing and approval of rates for individual and certain group accident and sickness insurance policy forms and (ii) establish minimum loss ratios to assure that the benefits provided by such policy forms are or are likely to be reasonable in relation to the premiums charged.

Historical Notes

Derived from Regulation 22, Case No. INS810039, § 2, eff. October 1, 1981; amended, Volume 29, Issue 20, eff. July 1, 2013.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

                    
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