Virginia Code 38.2-1378: Minimum standard for accident and health insurance contracts.
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For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under subsection B of § 38.2-1366. For disability and accident and sickness insurance contracts issued on or after January 1, 1937, and prior to the operative date of the valuation manual, the minimum standard of valuation is the standard adopted by the Commission by regulation.
Terms Used In Virginia Code 38.2-1378
- Accident and health insurance: means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. See Virginia Code 38.2-1365
- Accident and sickness insurance: means insurance against loss resulting from sickness, or from bodily injury or death by accident or accidental means, or from a combination of any or all of these perils. See Virginia Code 38.2-109
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Valuation manual: means the manual of valuation instructions adopted by the NAIC as specified in this article or as subsequently amended. See Virginia Code 38.2-1365
2014, c. 571.