(1) Alternate medicare supplement coverage as provided in 33-22-921 must be offered to its insureds by an issuer that:
(a) bulk cedes its medicare supplement policy business to an insurer that does not meet the requirements of chapter 2;
(b) authorizes the bulk reinsurer to administer the medicare supplement policies on its behalf; and
(c) discontinues or does not renew a medicare supplement policy product.
(2) The premium for the alternate policy referred to in subsection (1) must be based on actuarially justified rates.