W. Va. Code R. § 114-18-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-18-4 - Approval of.Forms

4.01. Approval of Forms - No rider, endorsement or other form to"be attached to any insurance policy, contract or certificate to provide benefits for continuum of care services shall be delivered or issued for delivery in West Virginia unless it has been filed with and approved by the Insurance Commissioner of the State of West Virginia pursuant to the provisions of Chapter 33, Article 6, Section 8 of the Code of West Virginia of 1931, as amended, Section 5, Loss Ratio Standards

5.01. Aggregate Benefits - Supplemental insurance coverages for continuum of care services shall be expected to return to policyholders, subscribers or certificateholders in the form of aggregate benefits, on the basis of incurred claims experience , and earned premiums:

(A) In the case of individual insurance policies, contracts or certificates, at least sixty percent (60%) of the aggregate amount of premium collected; and,

(B) In the case of group insurance policies, contracts or certificates, at least seventy-five percent (75%) of the aggregate amount of premiums collected.

W. Va. Code R. § 114-18-4