38.2-5509 - Supplemental provisions; rules; exemption.

§ 38.2-5509. Supplemental provisions; rules; exemption.

A. The provisions of this Act are supplemental to any other provisions of thelaws of this Commonwealth, and shall not preclude or limit any other powersor duties of the Commission, the Commissioner of Insurance, or any of theCommission's employees or agents under such laws, including, but not limitedto, the provisions of §§ 38.2-1038 and 38.2-1040, or §§ 38.2-4316 A 7 and38.2-4317, and Chapter 15 (§ 38.2-1500 et seq.) and any regulations issuedthereunder.

B. The Commission may adopt reasonable rules necessary for the implementationof this Act.

C. The Commission may exempt from the application of this Act any domesticproperty and casualty insurer which:

1. Writes direct business only in this Commonwealth;

2. Writes direct annual premiums of $2 million or less; and

3. Assumes no reinsurance in excess of five percent of direct premium written.

D. The Commission may exempt from the application of this Act an insurerorganized and operating under the laws of this Commonwealth and licensedpursuant to the provisions of Chapter 25 (§ 38.2-2500 et seq.) of this title.

E. The Commission may exempt from the application of this Act a domestichealth organization that writes direct business only in this Commonwealth andassumes no reinsurance in excess of five percent of direct premium written,and either (i) writes direct annual premiums of two million dollars or lessfor comprehensive medical coverages or (ii) is licensed pursuant to Chapter45 and covers less than 2,000 lives. As used in this subsection,"comprehensive medical coverages" means contracts providing basic healthcare services and Medicare and Medicaid risk coverages or policies providinghospital, surgical, major medical, Medicare risk and Medicaid risk coverages.Medicare supplement need not be included and premiums for administrativeservices shall not be included.

(1995, c. 789; 2000, c. 47.)