§ 10-20-102. Legislative Declaration
The general assembly finds and declares that the purpose of this article is to protect, subject to certain limitations, the persons specified in section 10-20-104 (1) against failure by member insurers in the performance of their contractual obligations under life and health insurance policies and annuity contracts specified in section 10-20-104 (2), because of the […]
§ 10-20-103. Definitions
As used in this article, unless the context otherwise requires: “Account” means any of the three accounts created pursuant to section 10-20-106. “Association” means the life and health insurance protection association as established by this article. (2.5) “Authorized assessment” or “authorized” when used in the context of assessments means a resolution passed by the board […]
§ 10-20-104. Coverage and Limitations – Coordination of Benefits
This article shall provide coverage for the policies and contracts specified in subsection (2) of this section and to persons: Who are owners of or certificate holders under such policies or contracts, other than structured settlement annuities, and who: Are residents; or Are not residents, but only under all of the following conditions: The insurer […]
§ 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 […]