(a) Except as provided in subsection (b) of this section, in the case of an individual who had in effect, as of December 31, 1988, a Medicare supplemental policy with an insurer (as a policyholder or, in the case of a group policy, as a certificate holder) and the individual terminated coverage under such policy before the date of the enactment of the repeal of the Medicare Catastrophic Coverage Act of 1988, Pub. L. No. 100-360, the insurer shall:

1. (1) Provide written notice no earlier than December 15, 1989, and no later than January 30, 1990, to the policyholder or certificate holder at the most recent available address of the offer described below; and

2. (2) Offer the individual, during a period of a least sixty (60) days beginning not later than February 1, 1990, reinstitution of coverage with coverage effective as of January 1, 1990, under the terms that:

   1. (A) Does not provide for any waiting period with respect to treatment of preexisting conditions;
   2. (B) Provides for coverage that is substantially equivalent to coverage in effect before the date of such termination; and
   3. (C) Provides for classification of premiums on which terms are at least as favorable to the policyholder or certificate holder as the premium classification terms that would have applied to the policyholder or certificate holder had the coverage never terminated.