§ 10-20-105. Construction
This article shall be construed to effect the purpose set forth in section 10-20-102, which shall constitute an aid and guide to interpretation. Source: L. 91: Entire article added, p. 1261, § 1, effective July 1.
§ 10-20-106. Creation of the Association
There is hereby created a private nonprofit legal entity to be known as the life and health insurance protection association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions pursuant to the plan of operation […]
§ 10-20-107. Board of Directors
The board of directors of the association shall consist of not less than five nor more than nine member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for […]
§ 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 […]
§ 10-20-108. Powers and Duties of the Association
If a member insurer is an impaired insurer, the association may, in its discretion and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer and that are approved by the commissioner: Guarantee, assume, or reinsure or cause to be guaranteed, assumed, or reinsured any or […]
§ 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 […]
§ 10-20-109. Assessments
For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board shall assess each member insurer separately for each account at such time and for such amounts as the board finds necessary. Assessments shall be due not less than thirty days after prior written notice to […]
§ 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 […]
§ 10-20-110. Plan of Operation
The association shall maintain a plan of operation to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments thereto shall be submitted to the commissioner and be effective upon the commissioner’s written approval or after thirty days if said commissioner has not disapproved. If the association fails […]
§ 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 […]