(1) An insurer that, before the effective date of the amendatory act that added this section, issued a contract that provides health care benefits shall bring the contract into compliance with the changes made to this act by the amendatory act that added this section by either of the following dates:

    (a) Whichever of the following dates is later:

    (i) The next anniversary date or renewal date of the contract.

    (ii) Twelve months after the effective date of the amendatory act that added this section.

    (b) If the contract was written pursuant to a collectively bargained contract, the expiration date of the collectively bargained contract.

    (2) For the transition period between the effective date of the amendatory act that added this section and the time within which contracts are to be in compliance under subsection (1), a plan that is subject to the prior coordination of benefits requirements shall not be considered a noncomplying plan by a plan subject to the new coordination of benefits requirements and if there is a conflict between the prior coordination of benefits requirements under the prior regulation and the new coordination of benefits requirements under the amended regulation, the prior coordination of benefits requirements apply.