CODE OF VIRGINIA

BOARD AUTHORIZED TO PURCHASE GROUP LIFE AND ACCIDENT INSURANCE POLICIES (§
51.1-501)

The Board is authorized to purchase group insurance policies to insure eligible
employees.  The policies shall provide life, accidental death, and dismemberment
insurance and shall be purchased from and carried with a life insurance company
authorized to do business in the Commonwealth and which maintains in the
Commonwealth sufficient staff and facilities to efficiently administer and
service the insurance.  Each policy shall contain a provision stipulating the
maximum expense and risk charges that are determined by the Board to be on a
basis consistent with the general level of charges made by life insurance
companies under policies of group life, accidental death, and dismemberment
insurance issued to large employers.  The Board may require that the policies
have reinsurance with a life insurance company incorporated or organized under
the laws of and authorized to do business in the Commonwealth.

HISTORY: 1960, c. 604, § 51-111.67:1; 1968, c. 617; 1974, c. 353; 1985, c. 236;
1990, c. 832.