Connecticut General Statutes 38a-557 - Hospital and medical service corporations. Residual market mechanism. Insurance Commissioner's powers concerning such mechanisms
Connecticut General Statutes > Title 38a > Chapter 700c > § 38a-557 - Hospital and medical service corporations. Residual market mechanism. Insurance Commissioner's powers concerning such mechanisms
Current as of: 2009
(a) Hospital and medical service corporations may elect to meet the obligations of section 38a-552 by participating in the Health Reinsurance Association established in section 38a-556, as a full member thereof, or by making comprehensive health care plans available directly through a subscriber contract or combination of contracts or by forming a separate residual market mechanism substantially similar to the association established in section 38a-556.
(b) In the event that hospital and medical service corporations choose to form a separate residual market mechanism, the commissioner shall have the same regulatory powers over that residual market mechanism as he has over the Health Reinsurance Association, and such residual market mechanism shall have the same powers and duties as the association. Rating classifications under a residual market mechanism established under this section need not be the same as classifications established under the association, but any rates established by the residual market mechanism shall be approved by the commissioner. The commissioner shall promulgate regulations to carry out the requirements of this section.
(c) If the hospital and medical service corporations do not elect to participate in the Health Reinsurance Association, such hospital and medical service corporations shall be required to make an individual comprehensive health care plan available to every resident of this state except residents who are both sixty-five years of age or older and eligible for Medicare and whose coverage under a group or individual contract issued by such hospital or medical service corporation has terminated. Such coverage may be made available through a separate residual market mechanism established under this section.
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