Section 88.15. Qualified right of renewal

(a) A renewal provision, other than enumerated in this chapter, may grant to the insured the right of renewal by timely payment of premiums up to a stated age, if any, subject to the reserved right of the insurer to terminate all such policies on a specified basis upon the giving of a specified period of notice, which shall be set forth in the appropriate provision of the policy.

(b) The right of the insured to renew the policy may be conditioned upon the continuation of a specified status, such as an employee of a named employer, member of a named organization, while engaged in a specific occupation associated with such employment of such organization, residence in a given state or geographic area, insured under a given form of insurance having like form number identification.

(c) The rights of the insured and of the insurer shall be clearly set forth in the renewal provision. Such shall include the specified age limit, if any, requirements as to the professional or occupational status, if any, and requirements as to the continuing relationship, if any, of the employe or member.

(d) Continuance of insurance after the insured ceases to be eligible for coverage under the plan may be at the option of the insurer. In the event a different table of premium rates is to be applicable with respect to renewals occurring thereafter, such fact shall be declared in the renewal provision.