(a) The Insurance Commissioner may adopt regulations for long-term care insurance that include, but are not limited to, standards for full and fair disclosure addressing:
(1) The manner, content, and required disclosures for the sale of long-term care insurance policies;
(2) Terms of renewability;
(3) Initial and subsequent conditions of eligibility;
(4) Nonduplication of coverage provisions;
(5) Coverage of dependents;
(6) Preexisting conditions;
(7) Termination of insurance;
(8) Continuation or conversion of coverage;
(9) Probationary periods;
(10) Limitations, exceptions, reductions, and elimination periods;
(11) Requirements for replacement;
(12) Recurrent conditions; and
(13) Definitions of terms.
(b) No long-term care insurance policy shall:
(1) Be cancelled, not renewed, or otherwise terminated because of age or the deterioration of the mental or physical health of the insured individual or certificate holder;
(2) Contain a provision establishing a new waiting period in the event existing coverage is converted to or replaced by a new or other form of coverage within the same company, except with respect to an increase in benefits voluntarily selected by the insured individual or group policyholder; or
(3) Provide coverage for skilled nursing care only or provide significantly more coverage for skilled care within a facility than coverage for lower levels of care.
Section: Previous 23-97-302 23-97-303 23-97-304 23-97-305 23-97-306 23-97-307 23-97-308 23-97-309 23-97-310 23-97-311 23-97-312 23-97-313 23-97-314 23-97-315 NextLast modified: November 15, 2016