Virginia Code 38.2-6603: Accounting; reports
A. The Commission shall keep an accounting for each benefit year of all:
Terms Used In Virginia Code 38.2-6603
- Benefit year: means the calendar year for which an eligible carrier provides coverage through an individual health benefit plan. See Virginia Code 38.2-6600
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Fund: means the Commonwealth Health Reinsurance Program Special Fund established by the Commission pursuant to § Virginia Code 38.2-6600
- Program: means the Commonwealth Health Reinsurance Program established pursuant to this chapter. See Virginia Code 38.2-6600
- rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
1. Funds appropriated for reinsurance payments and administrative and operational expenses;
2. Requests for reinsurance payments received from eligible carriers;
3. Reinsurance payments made to eligible carriers; and
4. Administrative and operational expenses incurred for the Program.
B. By November 1 of each year, the Commission shall report to the House Committees on Labor and Commerce and Appropriations, the Senate Committees on Commerce and Labor and Finance and Appropriations, and the Governor on the operation of the Program. Such report shall be posted on the Commission’s website and shall include, at a minimum, the following information for the relevant benefit year:
1. Amounts deposited into the Fund;
2. Requests for reinsurance payments received by eligible carriers;
3. Reinsurance payments made to eligible carriers;
4. Administrative and operational expenses incurred for the Program; and
5. Quantifiable impact of the Program on individual health insurance coverage rates.
2021, Sp. Sess. I, c. 480.