Continuation Of Coverage Or Conversion Required

13.10.15 NMAC 3 A. Group long-term care insurance issued in this state on or after July 1, 1997 shall provide covered individuals with a basis for continuation or conversion of coverage. B. Continuation of coverage or issuance of a converted policy shall be mandatory, except where: (1) termination of group coverage resulted from an individuals failure to make any required payment of premium or contribution when due; or (2) the terminating coverage is replaced not later than thirty-one (31) days after termination, by group coverage effective on the day following the termination of coverage: (a) providing benefits identical to or benefits determined by the Superintendent to be substantially equivalent to or in excess of those provided by the terminating coverage; and (b) the premium for which is calculated in a manner consistent with the requirements of Subsection C of 13.10.15.14 NMAC.