Within five days of receiving a request for approval of any composite average rate increase in excess of three percent, or any other coverage changes which the Commissioner determines will have a comparable impact on cost or availability of coverage for a Medicare supplemental insurance policy issued by any group or nongroup health insurance company, hospital or medical service organization, or health maintenance organization, with 5,000 or more total lives in the Vermont Medicare supplement market, the Commissioner shall notify the Department of Disabilities, Aging, and Independent Living of the proposed premium increase.