(a) As soon as practicable, but no longer than forty-five (45) days after the effective date of the Medicare benefit changes, every insurer, healthcare service plan, or other entity providing Medicare supplement insurance or contracts in this state shall file with the State Insurance Department, in accordance with the applicable filing procedures of this state:

1. (1)

   1. (A) Appropriate premium adjustments necessary to produce loss ratios as originally anticipated for the applicable policies or contracts.
   2. (B) Such supporting documents as necessary to justify the adjustment shall accompany the filing; and

2. (2)

   1. (A) Any appropriate riders, endorsements, or policy forms needed to accomplish the Medicare supplement insurance modifications necessary to:

(i) Eliminate benefit duplications with Medicare; and

1. (ii) Provide the benefits required by 23 CAR § 103-104.

   1. (B) Any such riders, endorsements, or policy forms shall provide a clear description of the Medicare supplement benefits provided by the policy or contract.

(b) Upon satisfying the filing and approval requirements of this state, every insurer, health care service plan, or other entity providing Medicare supplement insurance in this state shall provide each covered person with any rider, endorsement, or policy form necessary to make the adjustments outlined in 23 CAR § 103-104.

1. (c)

2. (1) Any premium adjustments shall:

   1. (A) Produce an expected loss ratio under such policy or contract as will conform with minimum loss ratio standards for Medicare supplement policies; and
   2. (B) Result in an expected loss ratio at least as great as that originally anticipated by the insurer, healthcare service plan, or other entity for such Medicare supplement insurance policies or contracts.
3. (2) Premium adjustments may be calculated for the period commencing with Medicare benefit changes.