Where both the old coverage and the new coverage are provided under group policies:(1) A signed application need not be obtained if all of the following apply:(a) The premium for the new plan is the same as or less than the premium for the old plan.
(b) The amount of insurance provided by the new plan is the same or greater than that provided by the old plan.
(c) All supplemental benefits provided by the old plan, including, but not limited to, accidental death riders and waiver-of-premium benefits, are provided by the new plan.
(d) The maximum term of insurance under the new plan is as long or longer than the maximum term of insurance under the old plan.
(e) There is a clear disclosure to the prospective insured that payment of the required premium constitutes acceptance of the offer.
(2) If an insurer charges insureds the same premium for the new coverage as they were paying for their old coverage, and, as a result, insured debtors of a financial institution are charged different premium rates for the same coverage, such rate differences shall not constitute unfair rate discrimination under s. 626.9541. 