NAC687B.260. Policy to supplement Medicare or certificate issued before January 1, 1992: Replacement with standardized benefit plan.

     1. Except as otherwise provided in subsection 2, an issuer shall, at the request of an insured, replace a policy to supplement Medicare which was issued before January 1, 1992, or a certificate which was issued before January 1, 1992, with any standardized benefit plan offered by the issuer. An insured may submit a request to replace a policy to supplement Medicare or certificate pursuant to this subsection not more than once.

     2. An issuer may refuse a request made pursuant to subsection 1 for the issuance of a standardized benefit plan to replace a policy to supplement Medicare or certificate which was issued before January 1, 1992, if:

     (a) The standardized benefit plan includes coverage for prescription drugs; or

     (b) The insured does not otherwise qualify for the standardized benefit plan.

     3. If an insured requests a standardized benefit plan to replace a policy to supplement Medicare or certificate pursuant to subsection 1 from an issuer that establishes the rates of a standardized benefit plan on the basis of the age of an applicant, the issuer must use the attained age of the insured on the date his or her request is submitted to establish the rate for the standardized benefit plan.

     (Added to NAC by Comm’r of Insurance by R027-04, eff. 8-2-2004; A by Div. of Insurance by R078-05, 11-17-2005, eff. 9-8-2005 for Plans K and L, and 1-1-2006 for Medicare Part D Prescription Drug Benefit)