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Clarification: NAIC Disclosure Statement Required for Cancer Policies
September 27, 1999
Department Regulation 80-1 § 8 A (10) requires that “A policy for the payment of benefits for cancer as a named disease shall include the disclosure statement set out at Exhibit II.” It has come to our attention that Exhibit II is correctly referenced in certain published versions of insurance regulations of the Vermont Department of Banking, Insurance, Securities and Health Care Administration, but that Exhibit II itself is not included.
The original Exhibit II is an older version of a current pamphlet published by NAIC entitled “A Shopper’s Guide to Cancer Insurance.” The changes in “A Shopper’s Guide to Cancer Insurance” relate primarily to updated statistics.
Carriers must include a copy of the updated “A Shopper’s Guide to Cancer Insurance” with all policies paying benefits for cancer as a named disease. For your convenience, a copy is appended to this Bulletin.
Effective 30 days from receipt of this Bulletin, carriers with policy forms for cancer as a named disease currently approved by the Department must include this disclosure statement in all new policies. The disclosure statement must be included in existing policies paying benefits for cancer as a named disease beginning at their next renewal date.