(a)

1. (1) The conversion policy shall, if the group insurance policy insures that employee or member for basic hospital or surgical expenses insurance, make available the plans of benefits as set forth in 23 CAR §§ 92-112 and 92-113.
2. (2) At the option of the insurer, such plans of benefits may be provided under one (1) policy.

(b)

1. (1) The insurer may also, in lieu of the plans of benefits set forth in 23 CAR §§ 92-112 and 92-113, provide a policy of comprehensive medical expense benefits without first-dollar coverage.

2. (2) Such policy shall conform to the requirements of this section, provided, however, that an insurer electing to provide such a policy shall make available a:

   1. (A) Low-deducible option not to exceed one hundred dollars ($100);
   2. (B) High-deductible option between five hundred dollars ($500) and one thousand dollars ($1,000); and
   3. (C) Third deductible option midway between the high-deductible and low-deductible options.