§ 27-8-13-10 — Medicare supplement policy and certificate standards; conformity with federal law and regulations

Indiana § 27-8-13-10

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 8: LIFE, ACCIDENT, AND HEALTH
• Ch. 13: Medicare Supplement Insurance

Text

(a) The commissioner shall adopt rules
under IC 4-22-2 to establish minimum standards for:
(1) claims payment;
(2) marketing practices;
(3) compensation arrangements; and
(4) reporting practices;
for Medicare supplement policies and certificates.
(b) The commissioner may adopt rules under IC 4-22-2 that are
necessary to conform Medicare supplement policies and certificates to
the requirements of federal law and federal regulations. A rule adopted
under this subsection may do the following:
(1) Require refunds or credits if the policies or certificates do not
meet loss ratio requirements.
(2) Establish a uniform methodology for calculating and reporting
loss ratios.
(3) Assure public access to policies, premiums, and loss ratio
information of issuers of Medicare supplement insurance.
(4) Establish a process for approving or disapproving policy forms
and certificate forms and proposed premium increases.
(5) Establish a policy for holding public hearings before approval
of premium increases.
(6) Establish standards for Medicare Select policies and
certificates.

Legislative History

As added by P.L.255-1989, SEC.7. Amended by P.L.149-1990, SEC.5; P.L.195-1991, SEC.1; P.L.126-1992, SEC.8.