10. Participation in guaranty association. The foreign insurer or health maintenance organization participates in an insurance insolvency guaranty association to which a domestic insurer or health maintenance organization that transacts individual health insurance is required to belong in accordance with this Title.

Except as expressly provided in this section, the requirements of this Title do not apply to a foreign insurer or health maintenance organization permitted to transact health insurance under this section and section 405.

§405-B.__Domestic insurers; individual health insurance approved

in other states

Notwithstanding any other provision of this Title except as expressly provided, a domestic insurer or health maintenance organization may offer for sale in this State an individual health plan duly authorized for sale in another state by a parent or subsidiary of the domestic insurer if:

1. Certificate of authority from state or country of domicile. The parent or subsidiary of the domestic insurer or health maintenance organization holds a valid certificate of authority to transact individual health insurance in the state or country of its domicile;

2. Compliance with laws of state or country of domicile. Any policy, contract or certificate of individual health insurance offered for sale in this State by a domestic insurer or health maintenance organization complies with the applicable individual health insurance laws in the state or country of domicile of the parent or subsidiary and the policy is actively marketed in that state;

3. Disclosure and reporting. The domestic insurer or health maintenance organization meets the requirements of section 4302 for reporting plan information with respect to individual health plans offered for sale in this State and discloses to prospective enrollees how the individual health plans of the parent or subsidiary differ from individual health plans offered by domestic insurers in a format approved by the superintendent within 90 days of the effective date of this section. Health plan policies and applications for coverage must contain the following disclosure statement or a substantially similar statement: "This policy is issued by a domestic insurer or health maintenance