Virginia Code 6.2-953: Benefits consortium and sponsoring association not subject to regulation or taxation as an insurance company
Current as of: 2023 | Check for updates
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A. A benefits consortium shall not be subject to:
Terms Used In Virginia Code 6.2-953
- Benefits consortium: means a trust that complies with the conditions set forth in § 6. See Virginia Code 6.2-951
- Sponsoring association: includes any wholly owned subsidiary of a sponsoring association. See Virginia Code 6.2-951
1. The provisions of Title 38.2 and regulations adopted thereunder, including those provisions and regulations otherwise applicable to multiple employer welfare arrangements; or
2. The tax levied on insurance companies pursuant to § 58.1-2501.
B. The sponsoring association of a benefits consortium or any of its subsidiaries shall not, by virtue of its sponsorship of the benefits consortium or the benefits plans offered through the benefits consortium, be subject to any provisions or regulations described in subdivision A 1 or any tax described in subdivision A 2.