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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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