(a) An insurer shall determine the premium for a converted policy issued under this subchapter in accordance with the insurer's table of premium rates for coverage that was provided under the group policy. The premium:
(1) must be based on the type of converted policy and the coverage provided by the policy; and
(2) may be based on the age and geographic location of each individual to be covered.
(b) The premium for the same coverage and benefits under a converted policy may not exceed 200 percent of the premium determined for the group policy in accordance with Subsection (a).