58-17A-11 Premiums to be adjusted to produce a loss ratio conforming with minimum standards--Form of...
Premiums to be adjusted to produce a loss ratio conforming with minimum
standards--Form of adjustments.
Every issuer providing medicare supplement insurance or benefits
to a resident of this state shall make premium adjustments as are necessary to produce an expected
loss ratio under a policy or certificate as will conform with minimum loss ratio standards for
medicare supplement policies and certificates which is expected to result in a loss ratio at least as
great as that originally anticipated in the rates used to produce current premiums by the issuer. No
premium adjustment which would modify the loss ratio experience under the policy other than the
adjustments described herein may be made with respect to a policy at any time other than upon its
renewal date. Premium adjustments shall be in the form of refunds or premium credits and shall be
made no later than upon renewal if a credit is given, or within sixty days of the renewal date if a
refund is provided to the premium payer.
Source: SL 1989, ch 431, § 5; SL 1992, ch 347, § 12.