§ 24-A §5010 — Replacement of policies issued prior to January 1, 1992

Maine § 24-A §5010

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 67: MEDICARE SUPPLEMENT INSURANCE POLICIES

Text

1.
Applicability.
This section applies to individual policies and group certificates and policies issued in Maine or covering Maine residents.
2.
Insured's right to replace coverage.
Insureds under Medicare supplement policies issued prior to January 1, 1992 shall be permitted at any time to replace their coverage with any of the standardized plans offered by the same insurer, subject to the following conditions.
3.
Mandatory replacement.
Prior to October 1, 1992, all issuers shall submit to the superintendent a copy of each Medicare supplement policy form for which policies issued prior to January 1, 1992 are in force in Maine and a list of standardized plans offered on the effective date of this section. The issuer shall designate the standardized plan, if any, that has substantially similar benefits to the policy issued prior to January 1, 1992. For any of the policies that the superintendent determines are substantially similar to one of the offered standardized plans, the issuer shall replace the policy with the similar standardized plan or, at the option of the insured, one of the other standardized plans selected by the insured pursuant to subsection 2, on or before the first policy anniversary after June 30, 1993.

Legislative History

PL 1991, c. 740, §13 (NEW). PL 1993, c. 154, §3 (AMD).