(a) A health carrier providing a standard health benefit plan must provide a proposed policyholder or policyholder with a written disclosure statement that:
(1) acknowledges that the standard health benefit plan being purchased does not provide some or all state-mandated health benefits;
(2) lists those state-mandated health benefits not included in the standard health benefit plan; and
(3) if the standard health benefit plan is issued to an individual policyholder, provides a notice that purchase of the plan may limit the policyholder's future coverage options in the event the policyholder's health changes and needed benefits are not available under the standard health benefit plan.
(b) Each applicant for initial coverage must sign the disclosure statement provided by the health carrier under Subsection (a) and return the statement to the health carrier. Under a group policy or contract, the term "applicant" means the employer.
(c) A health carrier must:
(1) retain the signed disclosure statement in the health carrier's records; and
(2) on request from the commissioner, provide the signed disclosure statement to the department.