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.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 […]
Section 62S.312 — Consumer Protection Standards For Long-term Care Partnership Policies.
62S.312 CONSUMER PROTECTION STANDARDS FOR LONG-TERM CARE PARTNERSHIP POLICIES. To qualify as a long-term care partnership policy under this chapter, long-term care insurance policies must meet the requirements for being tax qualified as defined in section 7702B(b) of the Internal Revenue Code and meet certain consumer protection requirements in section 6021(a)(1)(B)(5)(A) of the Deficit Reduction […]
Section 62S.315 — Producer Training.
62S.315 PRODUCER TRAINING. The commissioner shall approve producer training requirements in accordance with the NAIC Long-Term Care Insurance Model Act provisions. The commissioner of the Department of Human Services shall provide technical assistance and information to the commissioner in accordance with Public Law 109-171, section 6021. History: 2006 c 255 s 56; 2006 c 282 […]