§ 26-38-204 — Regulations

(a) The commissioner shall adopt reasonable regulations to
establish minimum standards for benefits, claims payment,
marketing practices, compensation arrangements and reporting
practices for Medicare supplement policies and certificates.
(b) The commissioner may adopt reasonable regulations
necessary to conform Medicare supplement policies and
certificates to the requirements of federal law and regulations,
including but not limited to:
(i) Requiring refunds or credits if the policies or
certificates do not meet loss ratio requirements;
(ii) Establishing a uniform methodology for
calculating and reporting loss ratios;
(iii) Assuring public access to policies, premiums
and loss ratio information of issuers of Medicare supplement
insurance;
(iv) Establishing a process for approving or
disapproving policy forms and certificate forms and restricting
premium increases if loss ratio requirements are not met;
(v) Establishing a policy for holding public hearings
prior to approval of premium increases; and
(vi) Establishing standards for Medicare select
policies and certificates.