Rule 20:06:13:31.01 Disclosure requirements for Medicare supplement policies -- Riders and endorsements.
20:06:13:31.01. Disclosure requirements for Medicare supplement
policies -- Riders and endorsements. Medicare supplement policies shall
include a renewal, continuation, or nonrenewal
provision. The language or specifications of the provision must be consistent
with the type of contract to be issued. The provision must be captioned as
applicable, must appear on the cover page of the policy, and must clearly state
the duration, limitations, or terms of renewal, continuation, or nonrenewal of the policy, any reservation by the issuer of
the right to change premiums, and any automatic renewal premium increases based
on the policyholder's age.
Except for riders or endorsements by
which the issuer effectuates a request made in writing by the insured or
exercises a specifically reserved right under a Medicare supplement policy, or
is required to reduce or eliminate benefits to avoid duplication of Medicare
benefits, all riders or endorsements added to a Medicare supplement policy
after date of issue or at reinstatement or renewal which reduce or eliminate
benefits or coverage in the policy shall require a signed acceptance by the
insured. After the date of policy issue, any rider or endorsement which
increases benefits or coverage with a concomitant increase in premium during
the policy term must be agreed to in writing signed by the insured, unless the
increased benefits or coverage is required by changes to the minimum benefit
standards in § 20:06:13:17 or required by law. If a separate additional
premium is charged for benefits provided in connection with riders or
endorsements, the premium must be set forth in the policy.
15 SDR 143, effective March 29, 1989; 18 SDR 225, effective July 17, 1992.
Authority: SDCL 58-17A-7.
Implemented: SDCL 58-17A-7.
Back to 20:06:13