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- Insurance Regulatory Insights
🔥This week’s newsletter is PACKED with insights! Make sure you keep scrolling to stay informed!🔥
Telos Actuarial brings you this week’s legislative and regulatory insurance insights from around the nation.
Bill “Status” is defined in the tables below by:
New: proposed law recently introduced for consideration by Legislature
Movement: bill has progressed in legislative process
Fail: bill has died in committee or failed to pass
Approved: passed by the Legislature and approved by the Governor
Upcoming [đź‘€Newđź‘€]: approved bill that has an upcoming effective date
Medicare Supplement
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
MI | New | Amends Sec. 3829 of 1956 PA 218 (MCL 500.3829) to allow for open enrollment for non-age-eligible individuals during the six-month period after the individual enrolled in Medicare Part B. Non-age-individuals who were enrolled in Medicare Part B prior to the effective date of the regulation will be eligible for open enrollment during the six-month period after the effective date of the regulation. Insurers shall not charge non-age-eligible individuals more than an individual who is 65 years of age, and the policy cannot include a waiting period or pre-existing condition limitation/exclusion. Also amends the current regulation to allow for a 60-day open enrollment period after an individual’s date of birth, when the individual is insured under a Medicare Supplement policy and submits an application for the same Medicare Supplement policy to an insurer different then the insurer that issued the current policy. |
Medicare Advantage & Part D
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
All | Proposed, published rule, accepting comments until 1/27/25 | Proposed rule for CY 2026 that would revise the Medicare Advantage (MA) Program, Medicare Prescription Drug Benefit Program (Part D), Medicare Cost Plan Program, Programs of All-Inclusive Care for the Elderly (PACE). |
🏥Medicare Advantage Provider Network Changes - Special Enrollment Period🏥
CMS released a FAQ which summarizes CMS’ responses to discussions with NAIC pertaining to significant change in a Medicare Advantage provider network, relevant special election periods and associated Medigap guaranteed issuance rights for affected beneficiaries.
The NAIC Senior Issues (B) Task Force met November 17, 2024, where this topic was discussed. Check out the meeting minutes here.
Fixed Indemnity / STLDI
⚖️On December 4, a United States District Court (Texas Eastern) vacated the fixed indemnity notice requirement of the Tri-Agency final rule.⚖️
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
SC | New | Implements STLDI term limits and STLDI and Fixed Indemnity notice requirements of the Tri-Agency Federal Rule. Requires previously filed STLDI policies and rates to be submitted for approval with the appropriate notice. Effective January 1, 2025, previously filed Fixed Indemnity forms must also be submitted for approval with the appropriate notice. |
All Products
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
SC | New | Informs members of the South Carolina Life and Accident and Health Insurance Guaranty Association (SCLAHIGA) of an amended summary document (notice) required by Section 38-29-200(2), that must be provided at the time of policy delivery. The amended notice applies to new policies and renewals effective 60 days from the date of the bulletin (11/25/24). |
Telos Actuarial’s team of experienced regulatory compliance professionals are ready to help YOU stay informed of legislative and regulatory changes. Reach out to us for more information!