33-22-922. Discontinuance or nonrenewal -- alternate policy -- unauthorized bulk reinsurance.
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33-22-922 . Discontinuance or nonrenewal -- alternate policy -- unauthorized bulk reinsurance.
(1)Alternate medicare supplement coverage as provided in 33-22-921 must be offered to its insureds by an issuer that:
(a)bulk cedes its medicare supplement policy business to an insurer that does not meet the requirements of chapter 2;
(b)authorizes the bulk reinsurer to administer the medicare supplement policies on its behalf; and
(c)discontinues or does not renew a medicare supplement policy product.
(2)The premium for the alternate policy referred to in subsection
(1)must be based on actuarially justified rates.