Section 760IAC1-70-6. Insolvency insurance policy

   An insolvency insurance policy shall contain the following provisions:

(1) Any grace period for payment of premium shall not exceed thirty (30) days.

(2) A provision that the department shall be notified in writing within five (5) business days if either of the following occurs:

(A) The health maintenance organization fails to pay the required premium on the date premium is due without the benefit of any grace period.

(B) The health maintenance organization or the insurer tenders notice to terminate or terminates the policy for any reason.

(3) Coverage under the policy shall include benefits as defined in the evidence of coverage for all eligible enrollees on the date the health maintenance organization is placed into receivership.

(4) The policy shall not contain any deductibles or coinsurance provisions.

(5) The policy must state that it provides insolvency coverage for Indiana members only.

(Department of Insurance; 760 IAC 1-70-6; filed Jan 5, 2005, 9:37 a.m.: 28 IR 1481; readopted filed Nov 29, 2011, 9:14 a.m.: 20111228-IR-760110553RFA)