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

Sec. 10. (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.