B. In circumstances where an individual’s or family member’s coverage under a group life or group health insurance policy or contract was terminated due to such individual’s status as a member of the United States Armed Forces, the Reserves of the United States Armed Forces or the National Guard, no person shall refuse to reinstate such coverage, regardless of continuation, renewal, reissue or replacement of the group insurance policy, upon the occurrence of the individual’s return to eligibility status under the policy or contract. Such reinstated coverage shall not contain any new preexisting condition or other exclusions or limitations except that the remainder of a preexisting condition requirement that was not satisfied prior to termination of the individual’s coverage resulting from such military status may be applied once the individual returns and coverage under the group policy is reinstated.