POA Decision – 1999/04/13-02 – Prepaid Personal Optional Protection

The Panel of Administrators approved in principle a policy change that would require Personal Optional Protection (POP) registrants to prepay their assessments, including as terms and conditions that: • One month minimum coverage be provided; • Refunds be given for unused coverage for all but the first month and partial months; • Automatic cancellation of coverage at the end of the prepaid period with no grace period for late payment; • Notice of the date of termination of coverage will be contained in the documents provided to the independent operator or employer granting the coverage; • No additional notice of the date of termination will be provided to independent operators or employers granted coverage of less than three (3) months; • Independent operators or employers granted coverage for three (3) months or longer will receive one notice of the date of termination in addition to the notice in the documents granting coverage. The Panel resolution was signed June 15, 1999 with a tentative implementation date of September 1, 2000.

Meeting Date: Apr 13, 1999 File type: PDF (1 MB) Asset type: Policy & Regulation Decision