Vermont Statutes Title 8. Banking and Insurance, § 4090g. Options required

(a) If the group policy from which conversion is made provides basic hospital and medical insurance, the person shall be entitled to obtain a converted policy providing, at his or her option, coverage similar to the coverage provided by the group policy or lesser coverage at lesser premiums.

(b) If the group policy from which conversion is made provides major medical expense insurance, the person shall be entitled to obtain a converted policy providing at his or her option coverage similar to the catastrophic or major medical coverage provided by the group policy or lesser coverage at lesser premiums.

(c) If any insurer customarily offers individual policies on a service basis, that insurer may, in lieu of converted policies on an expense incurred basis, make available converted policies on a service basis which, in the opinion of the Commissioner of Financial Regulation, satisfy the intent of this subchapter.

(d) The Commissioner of Financial Regulation may adopt rules describing the lesser coverages that may be offered under this section.