“Health insurance costs continue to rise, placing an ever-increasing burden on Virginia families,” said Cline. “The ability to purchase health insurance across state lines will increase price competitiveness and options. I am pleased my bill has passed the House. It will be a strong complement to similar work that President Trump is doing to dismantle Obamacare and bring costs down.”
HB 1201 authorizes any foreign health insurer to sell individual or group health benefit plans in the Commonwealth if it is approved to sell such plans in the foreign health insurer’s domiciliary state. The measure establishes requirements applicable to such sales, including registration, disclosures, compliance with marketing standards, and financial condition. The measure has a delayed effective date of July 1, 2019.