Medicare supplement policies and other policies designed to reimburse or pay as the result of hospitalization for the hospital, medical and surgical expenses of persons eligible for medicare shall return to policyholders benefits that are reasonable in relation to the premium charged. The superintendent shall issue reasonable regulations to establish minimum standards for loss ratios of medicare supplement policies and other policies designed to reimburse or pay as the result of hospitalization for the hospital, medical and surgical expenses of persons eligible for medicare on the basis of incurred claims experience, or incurred health care expenses where coverage is provided by a health maintenance organization on a service rather than reimbursement basis, and earned premiums in accordance with accepted actuarial principles and practices.
History: Laws 1989, ch. 28, § 6; 1990, ch. 110, § 6; 1992, ch. 3, § 5.
The 1992 amendment, effective March 2, 1992, substituted "and" for "or" following "policies", inserted "or pay as the result of hospitalization", deleted "by reason of age" following "medicare" in the first and second sentences and deleted the former third and fourth sentences, relating to filing of rates and rating schedules.
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