20:06:13:31.01. Disclosure requirements for Medicare supplement policies -- Riders and endorsements. Medicare supplement policies shall include a renewal, continuation, or nonrenewal provision. The language or specifications of the provision must be consistent with the type of contract to be issued. The provision must be captioned as applicable, must appear on the cover page of the policy, and must clearly state the duration, limitations, or terms of renewal, continuation, or nonrenewal of the policy, any reservation by the issuer of the right to change premiums, and any automatic renewal premium increases based on the policyholder's age.
Except for riders or endorsements by which the issuer effectuates a request made in writing by the insured or exercises a specifically reserved right under a Medicare supplement policy, or is required to reduce or eliminate benefits to avoid duplication of Medicare benefits, all riders or endorsements added to a Medicare supplement policy after date of issue or at reinstatement or renewal which reduce or eliminate benefits or coverage in the policy shall require a signed acceptance by the insured. After the date of policy issue, any rider or endorsement which increases benefits or coverage with a concomitant increase in premium during the policy term must be agreed to in writing signed by the insured, unless the increased benefits or coverage is required by changes to the minimum benefit standards in § 20:06:13:17 or required by law. If a separate additional premium is charged for benefits provided in connection with riders or endorsements, the premium must be set forth in the policy.
Source: 15 SDR 143, effective March 29, 1989; 18 SDR 225, effective July 17, 1992.
General Authority: SDCL 58-17A-7.
Law Implemented: SDCL 58-17A-7.