Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 71.00 - Medicare Supplement Insurance To Facilitate The Implementation Of M.G.L. c. 176k And Section 1882 Of The Federal Social Security Act
Section 71.22 - Withdrawal from the Market for Medicare Supplement Insurance
Current through Register 1531, September 27, 2024
(1) An Issuer that participates in the market for Medicare Supplement Insurance on or after January 1, 1995 may not withdraw from the market until all the Insureds of the Issuer have had an opportunity to obtain coverage as of the next June 1st under a Medicare Supplement Insurance Policy offered by another Issuer during the annual open enrollment period outlined in 211 CMR 71.10(5), or the open enrollment periods outlined in 211 CMR 71.10(3) and (4) if such open enrollment periods allow all of the Issuer's Insureds to obtain coverage prior to the next June 1st.
(2) An Issuer that withdraws from the market for Medicare Supplement Insurance pursuant to 211 CMR 71.22(1), shall provide to the Commissioner of Insurance a notice of withdrawal and withdrawal plan at least 60 days prior to February 1st of any calendar year which is the start of the annual open enrollment period pursuant to 211 CMR 71.10(5). Such withdrawal plan shall describe in detail how the Issuer intends to comply with 211 CMR 71.22(1) and shall be subject to the Commissioner's approval. In addition, the Issuer shall be required to provide written notice to all of its Insureds of the approved withdrawal plan.
(3) An Issuer that withdraws from the market for Medicare Supplement Insurance on or after January 1, 1995 may not Participate in the Market for Medicare Supplement Insurance in Massachusetts for five years from the date of withdrawal, unless the Commissioner finds that such reentry shall be permitted earlier than five years due to a compelling interest.
(4) For the purposes of 211 CMR 71.22(1) through (3), "Withdraw or Withdraws from the Market" shall mean that the Issuer has discontinued the availability of all of its Policy forms pursuant to 211 CMR 71.12(6).
(5) For the purposes of 211 CMR 71.22(2) and (3), the "Date of Withdrawal" shall mean the date which the Issuer discontinued the availability of all of its Policy forms pursuant to 211 CMR 71.22(1).
