CODE OF VIRGINIA

DEFINITIONS (§ 38.2-5200)

As used in this chapter:”Applicant” means in the case of an
individual long-term care insurance policy, the person who seeks to contract for
such benefits, or in the case of a group long-term care insurance policy, the
proposed certificateholder.”Certificate” means any certificate or
evidence of coverage issued under a group long-term care insurance policy, which
policy has been delivered or issued for delivery in this
Commonwealth.”Group long-term care insurance” means a long-term care
insurance policy delivered or issued for delivery in this Commonwealth to any
group which complies with § 38.2-3521.1.”Long-term care insurance”
means any insurance policy or rider advertised, marketed, offered or designed to
provide coverage for not less than twelve consecutive months for each covered
person on an expense incurred, indemnity, prepaid, or other basis, for one or
more necessary or medically necessary diagnostic, preventive, therapeutic,
rehabilitative, maintenance, personal care, mental health or substance abuse
services, provided in a setting other than an acute care unit of a hospital.
Such term includes group and individual annuities and life insurance policies or
riders that provide directly or that supplement long-term care insurance. Such
term shall also include qualified long-term insurance contracts. Long-term care
insurance may be issued by insurers, fraternal benefit societies, health
services plans, health maintenance organizations, cooperative nonprofit life
benefit companies or mutual assessment life, accident and sickness insurers to
the extent they are otherwise authorized to issue life or accident and sickness
insurance. Health maintenance organizations, cooperative nonprofit life benefit
companies and mutual assessment life, accident and sickness insurers may apply
to the Commission for approval to provide long-term care
insurance.”Policy” means any individual or group policy of
insurance, contract, subscriber agreement, certificate, rider or endorsement
delivered or issued for delivery in this Commonwealth by an insurer, fraternal
benefit society, health services plan, health maintenance organization or any
similar organization.”Qualified long-term care insurance policy” or
“federally tax-qualified long-term care insurance contract” means an
individual or group insurance policy or contract that meets the requirements of
§ 7702B (b) of the Internal Revenue Code of 1986, as amended. Such term shall
also include the portion of a life insurance policy or contract that provides
long-term care insurance coverage by rider or as part of the contract and that
satisfies the requirements of §§ 7702B (b) and 7702B (e) of the Internal
Revenue Code of 1986, as amended.

HISTORY: 1987, c. 586; 1990, c. 285; 2000, c. 559.