§ 8087. Prior institutionalization
§ 8087. Prior institutionalization No long-term care insurance policy shall condition benefits upon a period of prior hospitalization or upon admission to a facility for the same or related condition that led to hospitalization or admission to the facility. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
§ 8088. Loss ratio standards
§ 8088. Loss ratio standards The Commissioner may adopt rules establishing loss ratio standards for long-term care insurance policies, provided that a specific reference to long-term care insurance policies is contained in the rule. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)
§ 8089. Right to return; free look
§ 8089. Right to return; free look (a) Individual long-term care insurance policyholders shall have the right to return the policy within 30 days of its delivery and to have the premium refunded if, after examination of the policy, the policyholder is not satisfied for any reason. Individual long-term care insurance policies shall have a […]
§ 8090. Outline of coverage for applicant; certificate
§ 8090. Outline of coverage for applicant; certificate (a) An outline of coverage shall be delivered to a prospective applicant for long-term care insurance at the time of initial solicitation through means that prominently direct the attention of the recipient to the document and its purpose. The Commissioner shall prescribe a standard format, including style, […]
§ 8083. Extraterritorial jurisdiction
§ 8083. Extraterritorial jurisdiction No group long-term care insurance coverage may be offered to a resident of this State under a group policy issued in another state to a group described in subdivision 8082(4)(D) of this title, unless this State or another state having statutory and regulatory long-term care insurance requirements substantially similar to those […]
§ 8084. Disclosure standards
§ 8084. Disclosure standards (a) The Commissioner shall adopt rules establishing standards for full and fair disclosure of the terms of a long-term care insurance policy. (b) The disclosure standards established under subsection (a) of this section shall include provisions setting forth the manner, content, and required disclosures for the sale of long-term care insurance […]
§ 8084a. Required disclosure of rating practices to consumers
§ 8084a. Required disclosure of rating practices to consumers (a) Other than policies for which no applicable premium rate or rate schedule increases can be made, insurers shall provide all of the information listed in this subsection to the applicant at the time of application or enrollment, unless the method of application does not allow […]
§ 8084b. Suitability
§ 8084b. Suitability (a) This section shall not apply to life insurance policies that accelerate benefits for long-term care. (b) The “issuer,” meaning every insurer, health care service plan, 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 […]
§ 8085. Minimum benefits and coverage; general
§ 8085. Minimum benefits and coverage; general (a) The Commissioner shall adopt rules establishing standards for minimum benefits and coverage that must be provided by a long-term care insurance policy to carry out the purposes of subsection (b) of this section. Nothing in this section prohibits an insurer from underwriting in accordance with that insurer’s […]
§ 8081. Purpose
§ 8081. Purpose The purpose of this chapter is to promote the public interest, to promote the availability of long-term care insurance policies, to protect applicants for long-term care insurance from unfair or deceptive sales or enrollment practices, to establish standards for long-term care insurance, to facilitate public understanding and comparison of long-term care insurance […]