§ 38.2-6505. Duties of Exchange
The Exchange shall: 1. Implement procedures for the certification, recertification, and decertification of qualified health plans and qualified dental plans consistent with guidelines developed by the Secretary under § 1311(c) of the Federal Act and § 38.2-6506; 2. Provide for enrollment periods under § 1311(c)(6) of the Federal Act; 3. Provide for the operation of […]
§ 38.2-6506. Certification of health benefit plans as qualified health plans
A. The Exchange, in consultation with the Bureau, shall certify a health benefit plan as a qualified health plan, unless the Exchange determines that making the plan available through the Exchange is not in the interest of qualified individuals and qualified employers in the Commonwealth, if: 1. The plan provides health benefits in the essential […]
§ 38.2-6501. Exchange objectives
The Virginia Health Benefit Exchange shall make qualified health plans and qualified dental plans available to qualified individuals in the Commonwealth and provide for the establishment of a Small Business Health Options Program to assist qualified small employers in the Commonwealth in facilitating the enrollment of their eligible employees in qualified health plans and qualified […]
§ 38.2-6502. Division established; Exchange created
A. The Commission shall establish the Health Benefit Exchange Division as a separate division within the Commission. The Virginia Health Benefit Exchange shall be established and administered by the Commission, through the Division, in compliance with the requirements of this chapter and the Federal Act. The Exchange shall facilitate the purchase and sale of qualified […]
§ 38.2-6407. Exemptions from chapter
This chapter does not apply to: 1. Any insurance policy offered by an insurer under the insurance laws of the Commonwealth; or 2. A debt cancellation or debt suspension contract offered (i) by a bank or credit union regulated pursuant to Title 6.2 or (ii) in compliance with 12 C.F.R. Part 37, 12 C.F.R. Part […]
§ 38.2-6500. Definitions
As used in this chapter, unless the context requires a different meaning: “American Health Benefit Exchange” means the program established as a component of the Exchange pursuant to this chapter that is designed to facilitate the purchase of qualified health plans or qualified dental plans by qualified individuals. “Bureau” means the Bureau of Insurance, a […]
§ 38.2-6405. Commercial transactions
Subsection C of § 38.2-6401 and § 38.2-6403 do not apply to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction. 2019, cc. 799, 800.
§ 38.2-6406. GAP waivers not insurance
GAP waivers governed under this chapter are not insurance and are exempt from the insurance laws of the Commonwealth. Persons marketing, soliciting, negotiating, selling, or offering to sell GAP waivers that comply with this chapter are exempt from the Commonwealth’s licensing requirements. 2019, cc. 799, 800.
§ 38.2-6403. Disclosures
Guaranteed asset protection waivers shall disclose, as applicable, in writing and in clear, understandable language that is easy to read the following: 1. The name and address of the initial creditor and the borrower at the time of sale; 2. The identity of any administrator if different from the creditor; 3. The purchase price and […]
§ 38.2-6404. Cancellation
A. Guaranteed asset protection waiver agreements may be cancelable or non-cancelable after the free look period. GAP waivers shall provide that if a borrower cancels a waiver within the free look period, the borrower will be entitled to a full refund of the purchase price, if no benefits have been provided. B. In the event […]