Section 62S.32 — Application.
62S.32 APPLICATION. Subdivision 1. Medicare supplement insurance policy. Medicare supplement insurance policy laws do not apply to long-term care insurance. Subd. 2. Qualified long-term care insurance policy. This chapter applies to long-term care insurance marketed as a qualified long-term care policy. This chapter does not apply to long-term care insurance governed by sections 62A.46 to […]
Section 62S.33 — Penalties.
62S.33 PENALTIES. In addition to any other penalties provided by the laws of this state, an insurer or agent found to have violated any requirement of this state relating to the regulation of long-term care insurance or the marketing of the insurance is subject to a fine of up to three times the amount of […]
Section 62S.34 — Regulatory Flexibility.
62S.34 REGULATORY FLEXIBILITY. The commissioner may, upon written request, issue an order to modify or suspend a specific provision or provisions of this chapter with respect to a specific long-term care insurance policy or certificate upon a written finding that: (1) the modification or suspension is in the best interest of the insureds; (2) the […]
Section 62S.27 — Filing Requirement.
62S.27 FILING REQUIREMENT. Before an insurer or similar organization offers group long-term care insurance to a resident of this state under section 62S.03, it must file with the commissioner evidence that the group policy or certificate has been approved by a state having statutory or regulatory long-term care insurance requirements substantially similar to those adopted […]
Section 62S.28 — Filing Requirements For Advertising.
62S.28 FILING REQUIREMENTS FOR ADVERTISING. Subdivision 1. Advertisement copy. An insurer or other entity providing long-term care insurance or benefits in this state shall provide a copy of any long-term care insurance advertisement intended for use in this state whether through written, radio, or television medium to the commissioner for review or approval by the […]
Section 62S.29 — Standards For Marketing.
62S.29 STANDARDS FOR MARKETING. Subdivision 1. Requirements. An insurer or other entity marketing long-term care insurance coverage in this state, directly or through its producers, shall: (1) establish marketing procedures and agent training requirements to assure that any marketing activities, including any comparison of policies by its agents or other producers, are fair and accurate; […]
Section 62S.291 — Availability Of New Services Or Providers.
62S.291 AVAILABILITY OF NEW SERVICES OR PROVIDERS. Subdivision 1. Requirement. An insurer shall notify policyholders of the availability of a new long-term policy series that provides coverage for new long-term care services or providers material in nature and not previously available through the insurer to the general public. The notice must be provided within 12 […]
Section 62S.292 — Right To Reduce Coverage And Lower Premiums.
62S.292 RIGHT TO REDUCE COVERAGE AND LOWER PREMIUMS. Subdivision 1. Required policy or certificate provision. Every long-term care insurance policy and certificate shall include a provision that allows the policyholder or certificate holder to reduce coverage and lower the policy or certificate premium in at least one of the following ways: (1) reducing the maximum […]
Section 62S.30 — Suitability.
62S.30 SUITABILITY. Subdivision 1. Standards. Every insurer or other entity marketing long-term care insurance shall: (1) develop and use suitability standards to determine whether the purchase or replacement of long-term care insurance is appropriate for the needs of the applicant; (2) train its agents in the use of its suitability standards; and (3) maintain a […]
Section 62S.31 — Requirement To Deliver Shopper’s Guide.
62S.31 REQUIREMENT TO DELIVER SHOPPER’S GUIDE. Subdivision 1. Shopper’s guide. A long-term care insurance shopper’s guide in the format developed by the National Association of Insurance Commissioners, or a guide developed or approved by the commissioner, shall be provided to all prospective applicants of a long-term care insurance policy or certificate: (1) in the case […]