2.__Major medical expense coverage.__The plan must offer major medical expense coverage to every covered person who is not eligible for Medicare.__The board shall establish the coverage to be issued by the plan, its schedule of benefits and exclusions and other limitations, which the board may amend from time to time subject to the approval of the superintendent. In establishing the plan coverage, the board shall take into consideration the levels of health insurance provided in the State and medical economic factors as determined appropriate.

3.__Rates. Rates for coverage issued by the association must meet the requirements of this subsection.

A.__Rates may not be unreasonable in relation to the benefits provided, the risk experience and the reasonable expenses of providing the coverage.

B.__Rate schedules must comply with section 2736-C and are subject to approval by the superintendent.

C.__Subject to approval by the superintendent, standard risk rates for coverage issued by the association must be established by the association using reasonable actuarial techniques and must reflect anticipated experiences and expenses of such coverage for standard risks. The premium for the standard risk rates must range from a minimum of 125% to a maximum of 150% of the weighted average of rates charged by those insurers and health maintenance organizations with individuals enrolled in similar medical insurance plans.

4.__Compliance with state law.__Products offered by the association must comply with all relevant requirements of this Title applicable to individual health insurance, including requirements for mandated coverage for specific health care services and specific diseases and for certain providers of health care services.

5.__Other sources primary. The association must be payer of last resort of benefits whenever any other benefit or source of 3rd-party payment is available.__The coverage provided by the association must be considered excess coverage, and benefits otherwise payable under association coverage must be reduced by