1. (a) The commissioner shall adopt rules under IC 4-22-2 to establish minimum standards for:

   1. (1) claims payment;
   2. (2) marketing practices;
   3. (3) compensation arrangements; and

   4. (4) reporting practices;

      for Medicare supplement policies and certificates.

2. (b) The commissioner may adopt rules under IC 4-22-2 that are necessary to conform Medicare supplement policies and certificates to the requirements of federal law and federal regulations. A rule adopted under this subsection may do the following:

   1. (1) Require refunds or credits if the policies or certificates do not meet loss ratio requirements.
   2. (2) Establish a uniform methodology for calculating and reporting loss ratios.
   3. (3) Assure public access to policies, premiums, and loss ratio information of issuers of Medicare supplement insurance.
   4. (4) Establish a process for approving or disapproving policy forms and certificate forms and proposed premium increases.
   5. (5) Establish a policy for holding public hearings before approval of premium increases.
   6. (6) Establish standards for Medicare Select policies and certificates.

As added by P.L.255-1989, SEC.7. Amended by P.L.149-1990, SEC.5; P.L.195-1991, SEC.1; P.L.126-1992, SEC.8.