(a) CMS will review policies that the insuring organization voluntarily submits, except that CMS will not review a policy issued in a State with an approved regulatory program under Sec. 403.222.
(b) If the requirements specified in Sec. 403.232 are met, CMS will--
(1) Certify the policy; and
(2) Authorize the insuring organization to display the emblem on the policy, as provided for in Sec. 403.231.
(c) If CMS certifies a policy, it will inform all State Commissioners and Superintendents of Insurance of that fact.