Code of Virginia § 51.1-513.4. Trust fund for long-term care programs.
166 words·~1 min read·
/va/title-51-1/chapter-5/51-1-513-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Board is authorized to establish a trust fund in connection with the long-term care insurance programs administered under §§ 51.1-513.2 and 51.1-513.3 . The costs incurred by the Board in administering such long-term care insurance programs including the provision of case management and cost containment programs, shall be withdrawn from time to time by the Board from the trust fund. Any trust fund established by the Board under this section shall be deemed a separate and independent trust fund, shall be segregated from all other funds of the Commonwealth, and shall be invested and administered solely in the interests of the participants and beneficiaries thereof.
Neither the General Assembly nor any public officer, employee, or agency shall use or authorize the use of such trust funds for any purpose other than as provided in law for benefits, refunds, and administrative expenses, including but not limited to legislative oversight of the long-term care insurance programs administered under §§ 51.1-513.2 and 51.1-513.3 .
2008, c. 568 .