58-17A-11. Premiums to be adjusted to produce a loss ratio conforming with minimum standards--Form of adjustments.
Every issuer providing medicare supplement insurance or benefits to a resident of this state shall make premium adjustments as are necessary to produce an expected loss ratio under a policy or certificate as will conform with minimum loss ratio standards for medicare supplement policies and certificates which is expected to result in a loss ratio at least as great as that originally anticipated in the rates used to produce current premiums by the issuer. No premium adjustment which would modify the loss ratio experience under the policy other than the adjustments described herein may be made with respect to a policy at any time other than upon its renewal date. Premium adjustments shall be in the form of refunds or premium credits and shall be made no later than upon renewal if a credit is given, or within sixty days of the renewal date if a refund is provided to the premium payer.
Source: SL 1989, ch 431, §5; SL 1992, ch 347, §12.
Structure South Dakota Codified Laws
Chapter 17A - Medicare Supplement Policies
Section 58-17A-1 - Definition of terms.
Section 58-17A-2 - Regulations to establish specific standards for policy provisions.
Section 58-17A-3 - Preexisting conditions--Policy provisions.
Section 58-17A-3.1 - Preexisting conditions provision prohibited in replacement policy--Exception.
Section 58-17A-5 - Outline of coverage delivered at time of application for insurance.
Section 58-17A-6 - Informational brochures.
Section 58-17A-9 - Regulations subject to Administrative Procedures Act.
Section 58-17A-13 - Review of advertisements of issuers providing medicare supplement insurance.
Section 58-17A-14 - Requirements for replacement of policy.
Section 58-17A-15 - Sale of second policy prohibited except as replacement--Liability of issuer.
Section 58-17A-16 - Additional penalties for violation of title.
Section 58-17A-17 - Conditional or discriminatory policy or certificate prohibited.