(a) Notification of the conversion privilege shall be included with each certificate of coverage issued under section 621.2(d)¹ and with any HMO subscriber agreement. Each certificate holder in an insured group and each HMO subscriber shall be given written notification of the conversion privilege and its duration within a period beginning fifteen (15) days before and ending thirty (30) days after the date of termination of the group coverage. The certificate holder or the holder's dependent and the HMO subscriber or the subscriber's dependent shall have no less than thirty-one (31) days following notification to exercise the conversion privilege. Written notification provided by the contract holder and supplied to the certificate holder or subscriber or mailed to the certificate holder's or subscriber's last known address or the last address furnished to the insurer by the contract holder or employer shall constitute full compliance with this section.

(b) The premium rates for individuals who purchase a comparable group conversion policy offered pursuant to applicable law shall be limited to one hundred twenty per centum (120%) of the approved premium rates for comparable group coverage.