Ill. Admin. Code tit. 50, § 2025.70 - Discontinuance of a Market
When a health insurance issuer elects to discontinue offering all health insurance coverage in the small group market, large group market or individual market, (see Section 5 of the Act), the health insurance issuer must adhere to the following requirements:
a) Provide notice to the Department of
Insurance as outlined in Section
2025.40 of this Part.
b) The notice of discontinuation of coverage
must be sent to all the following: the plan sponsor, participant, and
beneficiaries, or, if the coverage is an individual policy, the covered
individual.
c) The health insurance
issuer may only discontinue the health insurance coverage upon the renewal date
of the coverage. The 180-day notice given to plan sponsors, participants,
beneficiaries, and covered individuals must be 180 days prior to the renewal
date of the health insurance coverage.
Notes
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