Common use of Insolvency and Receivership Clause in Contracts

Insolvency and Receivership. The Contractor must maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of one million dollars ($1,000,000) or total projected costs as calculated by the form set forth in 760 IAC 1-70-8. The Contractor must obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have been paid. This coverage must extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor must continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.

Insolvency and Receivership. The Contractor must maintain a plan acceptable to the IDOI commissioner for continuation of benefits in the event of receivership. The Contractor must finance the greater of one million dollars ($1,000,000) or total projected costs as calculated by the form set forth in 760 IAC 1-70-8. The Contractor must obtain continuation of coverage insurance (insolvency insurance) to continue plan benefits for members until the end of the period for which premiums have EXHIBIT 1.M SCOPE OF WORK been paid. This coverage must extend to members in acute care hospitals or nursing facility settings when the Contractor’s insolvency occurs during the member’s inpatient stay. The Contractor must continue to reimburse for its member’s care under those circumstances (i.e., inpatient stays) until the member is discharged from the acute care setting or nursing facility.