Virginia Code 51.1-1151: Sickness and disability program; disability insurance policies.
A. The Board shall develop, implement, and administer a short-term disability and long-term disability benefits program in accordance with the provisions of this chapter. The Board is authorized to delegate or assign to any person any of the duties required to be performed by the Board pursuant to this chapter. The Board is authorized to purchase long-term disability insurance policies for participating employees. The policies shall be purchased from and carried with a disability insurance company that is authorized to do business in the Commonwealth.
Terms Used In Virginia Code 51.1-1151
- Company: means an insurance company issuing a long-term disability insurance policy purchased by the Board pursuant to this chapter. See Virginia Code 51.1-1150
- Disability: means a partial disability or total disability. See Virginia Code 51.1-1150
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Program: means the program providing short-term disability and long-term disability benefits for participating employees established pursuant to this chapter. See Virginia Code 51.1-1150
Each policy shall contain a provision stipulating the maximum expense and risk charges that are determined by the Board to be consistent with the general level of charges made by disability insurance companies under policies of long-term disability insurance issued to large employers. The Board may require that the policies have reinsurance with a disability insurance company incorporated or organized under the laws of and authorized to do business in the Commonwealth.
B. Notwithstanding the provisions of subsection A, the Board may self-insure long-term disability benefits in accordance with the standards set forth in § 51.1-124.30.