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304.14-510 Minimum standards regulations.
The commissioner may make reasonable rules and regulations establishing
minimum standards for Medicare supplement insurance policies delivered or issued
for delivery in the state. Such regulations may cover but are not limited to:
(1) Establishing specific standards for policy provisions;
(2) Prohibiting policy provisions which in the opinion of the commissioner are
unjust, unfair, or unfairly discriminatory to any person insured or proposed for
coverage under a Medicare supplement policy;
(3) Establishing minimum standards for benefits under Medicare supplement
policies;
(4) Prescribing the format and content of the outline of coverage required by KRS
304.14-540. For purposes of this section, "format" means style, arrangements,
and overall appearance, including such items as the size, color, and
prominence of type and the arrangement of text and captions. Such outline of
coverage shall include:
(a) A description of the principal benefits and coverage provided in the policy;
(b) A statement of the exceptions, reductions, and limitations contained in the
policy;
(c) A statement of the renewal provisions, including any reservation by the
insurer of a right to change premiums;
(d) A statement that the outline of coverage is a summary of the policy
issued or applied for and that the policy should be consulted to determine
governing contractual provisions.
(5) Prescribing a standard form and the contents of an informational brochure for
persons eligible for Medicare which is intended to improve the buyer's ability to
select the most appropriate coverage and improve the buyer's understanding of
Medicare. Except in the case of direct response insurance policies, the
commissioner may require by regulation that the information brochure be
provided to any prospective insureds eligible for Medicare concurrently with
delivery of the outline of coverage. With respect to direct response insurance
policies, the commissioner may require by regulation that the prescribed
brochure be provided upon request to any prospective insureds eligible for
Medicare, but in no event later than the time of policy delivery.
(6) Establishing reasonable captions and notice requirements, determined to be in
the public interest and designed to inform prospective insureds that particular
insurance coverages are not Medicare supplement coverages, for all accident
and sickness insurance policies sold to persons eligible for Medicare, other
than:
(a) Medicare supplement policies; or
(b) Disability income policies.
(7) Governing the full and fair disclosure of the information in connection with the
replacement of accident and sickness policies, subscriber contracts, or
certificates by persons eligible for Medicare.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1160, effective July 15, 2010. --
Amended 1996 Ky. Acts ch. 288, sec. 2, effective July 15, 1996. -- Amended
1994 Ky. Acts ch. 222, sec. 2, effective July 15, 1994. -- Created 1982 Ky. Acts
ch. 37, sec. 1, effective February 26, 1982.
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