42 CFR 403.232 - Requirements and procedures for obtaining certification.
(a) To be certified by CMS, a policy must meet -
(2) The loss ratio standards specified in § 403.215; and
(3) Any State requirements applicable to a policy -
(i) Issued in that State; or
(ii) Marketed in that State.
(b) An insuring organization requesting certification of a policy must submit the following to CMS for review -
(1) A copy of the policy form (including all the documents that would constitute the contract of insurance that is proposed to be marketed as a certified policy).
(2) A copy of the application form including all attachments.
(3) A copy of the uniform certificate issued under a group policy.
(4) A copy of the outline of coverage, in the form prescribed by the NAIC model standards.
(6) A statement of when and how the outline of coverage and the buyers' guide will be delivered and copies of applicable receipt forms.
(7) A copy of the notice of replacement and statement as to when and how that notice will be delivered.
(8) A list of States in which the policy is authorized for sale. If the policy was approved under a deemer provision in any State, the conditions involved must be specified.
(9) A copy of the loss ratio calculations, as specified in § 403.250.
(10) Loss ratio supporting data, as specified in § 403.256.
(11) A statement of actuarial opinion, as specified in § 403.258.
(12) A statement that the insuring organization will notify the policyholders in writing, within the period of time specified in § 403.245(c), if the policy is identified as a certified policy at the time of sale and later loses certification.
(13) A signed statement in which the president of the insuring organization, or a designee, attests that -
(ii) The information submitted to CMS for review is accurate and complete and does not misrepresent any material fact.
Title 42 published on 19-Apr-2017 03:51
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 42 CFR Part 403 after this date.
- 42 CFR 403.256 — Loss Ratio Supporting Data.
- 42 CFR 403.258 — Statement of Actuarial Opinion.
- 42 CFR 403.239 — Submittal of Material to Retain Certification.
- 42 CFR 403.235 — Review and Certification of Policies.
- 42 CFR 403.248 — Administrative Review of CMS Determinations.
- 42 CFR 403.245 — Loss of Certification.
- 42 CFR 403.231 — Emblem.