Draft Disclosure Notice for Small Employers Regarding Medical Stop-Loss Insurance

BULLETIN 15-18 To: Insurers and Nonprofit Health Service Plans that Sell Medical Stop-Loss Insurance in Maryland and Other Interested Parties Re: Draft Disclosure Notice for Small Employers Regarding Medical Stop-Loss Insurance Date: June 17, 2015 The purpose of this Bulletin is to solicit comments on the attached draft disclosure notice for insurers and nonprofit health service plans (“carriers”) that sell medical stop-loss insurance to small employers in Maryland. House Bill 552, Chapter 494, Acts of the General Assembly of 2015 amended § 15-129 of the Insurance Article to require that carriers provide a new disclosure to small employers regarding medical stop-loss insurance. Amended § 15-129 also requires that the Commissioner approve the form and manner of the required medical stop-loss insurance disclosure. Section 15- 129(f)(3) requires that the disclosure include: “(I) The total costs of the policy or contract; (II) 1. The dates on which the policy or contract takes effect and terminates; and 2. Provisions for renewing the policy or contract; (III) The aggregate attachment point and the specific attachment point for the policy or contract; and (IV) Any limitations on coverage.” Comments regarding the draft disclosure notice will be accepted through close of business on July 2, 2015. Comments may be directed to Brenda Wilson, Associate Commissioner, Life/Health, Maryland Insurance Administration, 200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202 or emailed to brenda.wilson@maryland.gov. Brenda A. Wilson Associate Commissioner Life and Health AL REDMER, JR. Commissioner NANCY GRODIN Deputy Commissioner LARRY HOGAN Governor BOYD K. RUTHERFORD Lt. Governor 200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202 1-800-492-6116 TTY: 1-800-735-2258 www.insurance maryland.gov Signature on original