14VAC5-160-10: Purpose

This chapter (14VAC5-160-10 et seq.) is designed to

1. Assure the orderly implementation and conversion of Medicare supplement insurance benefits and premiums due to changes in the federal Medicare program;

2. Provide for the reasonable standardization of the coverage, terms and benefits of Medicare supplement policies or contracts;

3. Facilitate public understanding of such policies or contracts;

4. Eliminate provisions contained in such policies or contracts which may be misleading or confusing in connection with the purchase of such policies or contracts;

5. Eliminate policy or contract provisions which may duplicate Medicare benefits;

6. Provide for adjustment of required minimum benefits for Medicare supplement policies;

7. Provide notice to former policyholders of offer to reinstitute coverage;

8. Provide full disclosure of policy or contract benefits and benefit changes; and

9. Provide for appropriate premium adjustments.