58-18-47. Nonrenewal of health benefit plans by an employer carrier. If an employer carrier elects not to renew all of its health benefit plans delivered or issued for delivery to employers in this state, the carrier shall:
(1) Be prohibited from writing new business in the employer market in this state for a period of five years from the date of notice to the director;
(2) Provide advance notice of the decision not to renew to the director in each state in which it is licensed; and
(3) Provide notice of the decision not to renew coverage to all affected employers and to the director in each state in which an affected insured individual is known to reside at least one hundred eighty days prior to the nonrenewal of any health benefit plans by the carrier.
Notice to the director under this section shall be provided at least three working days prior to the notice to the affected employers. In the case of an employer carrier doing business in one established geographic service area of the state, this section applies only to the carrier's operations in that service area.
Source: SL 1994, ch 383, § 6.