Section 2005 – Nonforfeiture benefits.

• (1)
  • (a) A limited long-term care insurance policy may offer the option of purchasing a policy or certificate including a nonforfeiture benefit.
  • (b) The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy.
  • (c) In the event the policy holder or certificate holder does not purchase a nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse that shall be available for a specified period of time following a substantial increase in premium rates.

• (2) If an insurer issues a group limited long-term care insurance policy, the insurer shall:
  • (a) make any offer of a nonforfeiture benefit to the group policyholder; and
  • (b) make any offer to each proposed certificate holder.

Enacted by Chapter 32, 2020 General Session