3 Alaska Admin. Code § 28.452

Current through October 17, 2024

Section 3 AAC 28.452 - Compliance with 42 U.S.C 1395ss (Omnibus Budget Reconciliation Act of 1990)

(a) A person who transacts the business of insurance and who provides medicare supplement policies shall comply with all provisions of 42 U.S.C. 1395 ss, as amended by the Omnibus Budget Reconciliation Act of 1990.

(b) Certification of compliance with the requirements of (a) of this section must be in the form set out at the end of this subsection. The form must be completed in accordance with the following instructions:

MEDICARE SUPPLEMENT INSURANCE EXPERIENCE

EXHIBIT

For the year ended December 31, 20 _________

________________________

________________________

________________________

NAIC Group Code _________ NAIC Company Code _________

Person Completing This Exhibit _________

To be filed by June 30 following the Annual Statement Filing _________ Incurred Claims _________ Classification Premiums Earned Amount % of Premiums

Earned _________

Experience on individual policies 1. Policies issued through 20 _________ Reporting state . . . . . Nationwide . . . . . 2. Policies issued through 20 _________ Reporting state . . . . . Nationwide . . . . . Experience on group policies 1. Policies issued through 20 _________ Reporting state . . . . . Nationwide . . . . . 2. Policies issued through 20 _________ Reporting state . . . . . Nationwide . . . . . _________

The undersigned officer hereby certifies that the company named above has complied with the requirements contained in 42 U.S.C. 1395ss as amended by Omnibus Budget Reconciliation Act of 1990.

_________

Signature

_________

Title and Name (Please Type)

(1) Experience on policies issued more than three years before the reporting year must be shown separately as indicated on the form. For example, for the reporting year ended 12/31/88 (filed on June 30, 1989), experience on policies issued in 1985 and earlier should be shown separately from that of policies issued in 1986 and later. For group insurance, the year of issue should be based on when the certificate was issued if available; otherwise use the master policy year of issue.

(2) Allocation of reserves on the state-by-state basis must be on sound actuarial principles and be consistent from year to year.

(3) Membership or policy fees, if any, must be included with premiums earned. Earned premiums may be shown on an annual basis net of loading for non-annual modes.

(4) Mass-marketed group insurance subject to individual loss ratio standards must be included with individual.

(5) Dividends must be included with incurred claims.

(6) Neither incurred claims nor earned premiums may be adjusted for changes in policy (additional) reserves.

3 AAC 28.452

Eff. 8/8/90, Register 115; am 7/1/92, Register 122

In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.89.060 as AS 21.96.060. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 28.452, so that the citation to former AS 21.89.060 now refers to the renumbered statute, AS 21.96.060.

Authority:AS 21.06.090

AS 21.42.130

AS 21.96.060