Health benefit plans; sale by authorized foreign health insurers, effective clause. (SB1006)

Introduced By

Sen. Amanda Chase (R-Midlothian)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Health benefit plans; sale by authorized foreign health insurers. Establishes a procedure by which the State Corporation Commission may authorize health insurers licensed to sell health benefit plans in any other state to sell health benefit plans in Virginia without obtaining a license to engage in the business of insurance in Virginia or complying with other requirements applicable to Virginia-licensed insurers. A health benefit plan sold by an authorized foreign health insurer is not required to include state-mandated health benefits. The measure establishes criteria to be used by the Commission in determining whether to authorize a foreign health insurer to sell, offer, or provide a health benefit plan in the Commonwealth. The measure authorizes the Commission to conduct market conduct and financial condition examinations of any foreign health insurer that has applied for, or has received, authorization to sell health benefit plans in Virginia. The measure also specifies disclosures that an authorized foreign health insurer is required to include in applications and policies. The measure has a delayed effective date of January 1, 2020. Amends § 38.2-1802, of the Code of Virginia. Read the Bill »

Status

07/16/2018: Awaiting a Vote in the Commerce and Labor Committee

History

DateAction
07/16/2018Prefiled and ordered printed; offered 01/09/19 19100073D
07/16/2018Referred to Committee on Commerce and Labor

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>, <embed>)