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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 150. Rules to Implement Transitional Requirements for the Conversion of Medicaresupplement Insurance Benefits and Premiums to Conform to Medicare Programrevisions |
Section 40. Definitions
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For purposes of this chapter (14VAC5-150-10 et seq.):
"Applicant" means:
1. In the case of an individual Medicare supplement policy or contract, the person who seeks to contract for insurance benefits, and
2. In the case of a group Medicare supplement policy or contract, the proposed certificateholder.
"Certificate" means any certificate issued under a group Medicare supplement policy.
"Medicare supplement policy" means an individual or group policy of accident and sickness insurance or an individual or group subscriber contract of a health services plan, or health maintenance organization or a certificate issued under a group policy or group subscriber contract, offered to individuals who are entitled to have payment made under Medicare, which is designed primarily to supplement Medicare by providing benefits for payment of hospital, medical or surgical expenses, or is advertised, marketed or otherwise purported to be a supplement to Medicare. Such term shall not include:
1. A policy or contract of one or more employers or labor organizations, or of the trustees of a fund established by one or more employers or labor organizations, or combination thereof, for employees or former employees, or combination thereof, or for members or former members, or combination thereof, of the labor organizations; or
2. A policy or contract of any professional, trade or occupational association for its members or former or retired members, or combination thereof, if such association:
a. Is composed of individuals all of whom are actively engaged in the same profession, trade or occupation;
b. Has been maintained in good faith for purposes other than obtaining insurance; and
c. Has been in existence for at least two years prior to the date of its initial offering of such policy or plan to its members.
Historical Notes
Derived from Regulation 32, Case No. INS870293, § 5, eff. August 31, 1988.