Requires carriers to obtain approval of new individual major medical expense policies; Prohibits approval unless the carrier complies with the following requirements: (1) premium rates for policy forms approved as of 1990 do not exceed the rates for policy forms approved in or after 1992 by more than 30%; (2) the carrier annually reports the actuarial value of their policies to Director of the Department of Insurance in order to establish their compliance with the prior requirement; and (3) the anticipated loss ratio for all forms meets, at minimum, the loss ratios described by the “Guidelines for Filing of Rates for Individual Health Insurance Forms“ published by the National Association of Insurance Commissioners.