Requirements for Insurance Contract

  1. Law
  2. Georgia Code
  3. Insurance
  4. Spending Account and Consumer Driven Health Plan Advancement
  5. Requirements for Insurance Contract

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The insurance contract providing reimbursements for expenditures for health care services incurred by the plan may be a stop-loss, specific excess and aggregate, or other similar contract. It may be written by an insurer licensed for life, accident, and sickness insurance under Code Section 33-7-2 or by an insurer licensed for casualty insurance under Code Section 33-7-3. In either case, the contract shall be in the name of the plan as the contract holder and shall contain at least the following:

  1. The attachment point after which the payments by the insurer will be made;
  2. The amounts for allowable spending accounts;
  3. An attachment containing the plan document;
  4. A conspicuous disclosure on the first page of the contract that it is not a policy of accident and sickness insurance; and
  5. All other relevant terms and conditions.

(Code 1981, §33-30B-6, enacted by Ga. L. 2003, p. 912, § 1.)


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