§ 10-19-113.6. Producer Training Requirements
An individual may not sell, solicit, or negotiate long-term care insurance unless the individual is licensed as an insurance producer for accident and health or sickness or life insurance and has completed a one-time training course and ongoing training every twenty-four months. The training must meet the requirements set forth in subsection (2) of this […]
§ 10-19-113.7. Rules
The commissioner shall adopt rules to promote premium adequacy, to protect the policyholder in the event of substantial rate increases, and to establish minimum standards for marketing practices, producer education, producer compensation, producer examination, penalties, and reporting practices for long-term care insurance. In addition, the commissioner may issue regulations to establish minimum standards concerning suitability. […]
§ 10-19-114. Compliance
No policy may be advertised, marketed, or offered as long-term care or nursing home insurance unless it complies with the provisions of this article. Source: L. 90: Entire article R&RE, p. 649, § 1, effective July 1.
§ 10-19-114.5. Penalties
In addition to any other penalties provided by the laws of Colorado, any carrier or any producer who violates any requirement of Colorado law relating to the regulation of long-term care insurance or the marketing of such insurance shall be subject to a fine of up to three times the amount of any commissions paid […]
§ 10-19-115. Severability
If any provision of this article or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the article and the application of such provision to other persons or circumstances shall not be affected thereby. Source: L. 90: Entire article R&RE, p. 649, § 1, effective […]
§ 10-19-112. Outline of Coverage – Certificate
An outline of coverage shall be delivered to a prospective applicant for long-term care insurance at the time of initial solicitation through means which prominently direct the attention of the recipient to the document and its purpose. The commissioner shall prescribe a standard format, including style, arrangement, and overall appearance, and the content of an […]
§ 10-19-113. Option for Inflation Adjustment – Renewability
No insurer may offer a long-term care insurance policy unless the insurer also offers to the policyholder, in addition to any other inflation protection, the option to purchase a policy that provides for benefit levels to increase with benefit maximums or reasonable durations that are meaningful to account for reasonable anticipated increases in the costs […]
§ 10-19-113.3. Incontestability Period
With respect to a policy or certificate that has been in force for less than six months, an insurer may rescind a long-term care insurance policy or certificate or deny a long-term care insurance claim under such a policy upon a showing of misrepresentation that is material to the acceptance for coverage. With respect to […]
§ 10-19-113.4. Nonforfeiture Benefits – Rules
Except as provided in subsection (2) of this section, a long-term care insurance policy may not be delivered or issued for delivery in this state unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate including a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in […]
§ 10-19-101. Short Title
This article shall be known and may be cited as the “Long-term Care Insurance Act”. Source: L. 90: Entire article R&RE, p. 643, § 1, effective July 1.