Virginia Bureau of Insurance Issues Guidance Outlining Differences Between P&C Travel Insurance and L&H Accident and Sickness Insurance While Traveling
The Virginia State Corporation Commission’s Bureau of Insurance has amended the rules governing the filing of rates for individual and group accident and sickness insurance (the “Rules”) (14 VAC 5-130-10 et seq.).
The amendments to the Rules, among other things, address the statutory revision to the definition of “small employer,” clarify rating requirements related to short-term limited duration insurance, amend premium rates and rating factor requirements, including adding requirements if the proposed area rate factors for individual or small employer group health insurance coverage for an insurer for a rating area exceed by more than 15% the weighted average of the proposed area rate factors among all rating areas in which the insurer offers health benefit plans in that market, and remove the Uniform Age Rating Curve table and replace it with a reference to the table.
The amended Rules are effective January 1, 2020.