Maine Revised Statutes Title 24-A Sec. 5004 – Loss ratio standards
Current as of: 2023 | Check for updates
|
Other versions
1. Any Medicare supplement policy or contract is subject to the minimum loss ratio standards of section 2413, subsection 1, paragraph F, as well as any other laws of this State as apply to rate filings with respect to health insurance and nonprofit hospital and medical service organizations and nonprofit health care plan contracts.
[PL 1989, c. 27, §4 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 5004
- Contract: A legal written agreement that becomes binding when signed.
- health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704
- Medicare: means the "Health Insurance for the Aged Act" Title XVIII of the Social Security Amendments of 1965, as amended. See Maine Revised Statutes Title 24-A Sec. 5001
- Superintendent: means the Superintendent of Insurance. See Maine Revised Statutes Title 24-A Sec. 5001
2. Medicare supplement policies must return to policyholders benefits that are reasonable in relation to the premium charged. The superintendent shall issue reasonable rules to establish minimum standards for loss ratios of Medicare supplement policies 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.
[PL 2001, c. 258, Pt. F, §2 (AMD).]
3.
[PL 1989, c. 852, §2 (RP); PL 1989, c. 852, §3 (AFF).]
SECTION HISTORY
PL 1981, c. 234, §4 (NEW). PL 1989, c. 27, §4 (RPR). PL 1989, c. 852, §§2,3 (AMD). PL 1991, c. 740, §6 (AMD). PL 2001, c. 258, §F2 (AMD).