SCC seeks comments on report prepared by Bureau of Insurance regarding GHMSI surplus
The State Corporation Commission (SCC) is seeking comments on a recent report prepared by the Bureau of Insurance that studied the impact on Virginia residents of the distribution of the excess surplus of Group Hospitalization and Medical Services Inc. (GHMSI), a Care First Inc. subsidiary.
The SCC had directed the Bureau to prepare the report following a December 30, 2014, order by the District of Columbia Department of Insurance, Securities and Banking that found that, as of December 31, 2011, GHMSI’s surplus was excessive and that 21 percent of the company’s surplus is attributable to D.C.
Under Virginia law, if another state enacts a law that requires a health services plan operating in Virginia to provide a program or benefits for residents of the other state, the SCC may conduct a proceeding to review and evaluate the impact on the health services plan.
Any person desiring to comment on the report should do so by May 22, 2015. Comments can be submitted in writing or electronically via the SCC website.
To view the report or submit online comments in this case, visit the SCC website at http://www.scc.virginia.gov/case and follow the instructions for case number INS-2015-00007. Written comments can be sent to the Document Control Center, P.O. Box 2118, Richmond, VA 23218. All correspondence must refer to case number INS-2015-00007.