Page:United States Statutes at Large Volume 108 Part 5.djvu/958

 108 STAT. 4448 PUBLIC LAW 103-432—OCT. 31, 1994 "(11) the Secretary approves all the statements submitted as meeting the requirements of subclause (I), each such statement shall be (for purposes of subparagraph (C)) the statement specified under this subparagraph for the type of policy involved. The Secretary shall review and approve (or disapprove) all the statements submitted under subclause (I) within 30 days after the date of their submittal. Upon approval of such statements, the Secretary shall publish such statements. "(ii) If the Secretary does not approve the statements under clause (i) or the statements are not submitted within the 90-day period specified in such clause, the Secretary shall promulgate (after consultation with consumer and insurance industry representatives and not later than 90 days after the date of disapproval or the end of such 90-day period (as the case may be)) a statement for each of the types of health insurance policies (other than medicare supplemental policies and including, but not limited to, as separate types of policies, policies paying directly to the beneficiary fixed, cash benefits, and policies that limit benefit payments to specific diseases) which are sold or issued to persons entitled to health benefits under this title, of the extent to which benefits payable under the policy or plan duplicate benefits under this title, and each such statement shall be (for purposes of subparagraph (O) the statement specified under this subparagraph for the type of policy involved.". 42 USC I395ss (C) The requirement of a disclosure under section " o*^- 1882(d)(3)(C)(ii) of the Social Security Act shall not apply to an application made for a policy or plan before 60 days after the date the Secretary of Health and Human Services publishes or promulgates all the statements under section 1882(d)(3)(D) of such Act. 42 USC 1395SS. (4) Subparagraphs (A) and (B) of section 1882(q)(5) are amended by striking "of the Social Security Act", (e) Loss RATIOS AND REFUNDS OF PREMIUMS,— (1) Section 1882(r) (42 U.S.C. 1395ss(r)) is amended— (A) in paragraph (1), by striking "or sold" and inserting "or renewed (or otherwise provide coverage after the date described in subsection (p)(l)(C))"; (B) in paragraph (1)(A), by inserting "for periods after the effective date of these provisions" after "the policy can be expected"; (C) in paragraph (1)(A), by striking "Commissioners," and inserting "Commissioners)"; (D) in paragraph (1)(B), by inserting before the period at the end the following: ", treating policies of the same type as a single policy for each standard package"; (E) by adding at the end of paragraph (1) the following: "For the purpose of calculating the refund or credit required under paragraph (I)(B) for a policy issued before the date specified in subsection (p)(l)(C), the refund or credit calculation shall be based on the aggregate benefits provided and premiums collected under all such policies issued by an insurer in a State (separated as to individual and group policies) and shall be based only on aggregate benefits provided and premiums collected under such policies after the date specified in section 171(m)(4) of the Social Security Act Amendments of 1994.";

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