R590-215-2. Purpose and Scope

(1) The purpose of this rule is to: (a) recognize arbitration as an acceptable method of alternative dispute resolution; (b) provide guidelines for disclosure of a contract arbitration provision; and (c) comply with the requirements outlined in Subsection 29 CFR 2560.503-1. (2) This rule applies to an individual insurance policy and a group insurance policy issued or renewed on or after July 1, 2002 for: (a) income replacement insurance; and (b) a health benefit plan. (3) Long-term care and Medicare supplement policies are not considered health benefit plans.