OPT-OUT FROM ISL PROGRAM Sample Clauses
The 'Opt Out from ISL Program' clause allows a party to formally withdraw from participation in the ISL Program. Typically, this clause outlines the process for opting out, such as providing written notice within a specified timeframe or meeting certain conditions before the opt-out becomes effective. Its core practical function is to give parties flexibility and control over their involvement, ensuring they are not bound to the program if their circumstances or preferences change.
OPT-OUT FROM ISL PROGRAM. Subject to PacifiCare's approval, Medical Group may elect to opt out of the ISL Program, effective upon the Commencement Date or at the beginning of any calendar year. In such event, Medical Group shall be required to obtain stop-loss coverage from a third-party insurance carrier acceptable to PacifiCare and in the amounts required by PacifiCare and State and Federal Law. In order to opt-out of PacifiCare's ISL Program, Medical Group must provide written notice to PacifiCare at least thirty (30) days prior to the beginning of the calendar year. Such notice shall specify the name of the third-party insurance ▇▇▇▇▇▇, and proposed effective date, coverage levels and charges. If PacifiCare does not object to such coverage in writing within fifteen (15) days of the date of the notice, Medical Group shall be required to purchase such coverage as of the effective date specified in the notice.
OPT-OUT FROM ISL PROGRAM. Subject to PacifiCare’s approval, Medical Group may elect to opt out of the ISL Program, effective upon the Commencement Date or at the beginning of any calendar year. In such event, Medical Group shall be required to obtain stop-loss coverage from a third-party insurance carrier acceptable to PacifiCare and in the amounts required by PacifiCare and State and Federal Law. In order to opt out of PacifiCare’s ISL Program, Medical Group must provide written notice to PacifiCare at least thirty (30) days prior to the beginning of the calendar year. Such notice shall specify the name of the third-party insurance carrier, and proposed effective date, coverage levels and charges. If PacifiCare does not object to such coverage in writing within fifteen (15) days of the date of the notice from Medical Group, Medical Group shall be required to purchase such coverage as of the effective date specified in the notice. Medical Group shall provide PacifiCare with a certificate of insurance evidencing the ISL coverage as described in the Medical Group’s notice within ten (10) days following the effective date of such insurance. The certificate of insurance shall provide that PacifiCare shall receive thirty (30) days’ prior written notice of cancellation or material reduction in Medical Group’s ISL coverage. If the Medical Group does not purchase coverage acceptable to PacifiCare or provide PacifiCare with evidence of the ISL coverage as described herein, PacifiCare shall have the right to provide the ISL protection at the ISL Deductible level determined by PacifiCare to be appropriate for Medical Group and shall deduct the applicable ISL Premium from Medical Group’s Capitation Payments.