§ 56-42-101. Short Title
This chapter shall be known and may be cited as the “Long-Term Care Insurance Act.”
§ 56-42-102. Purpose — Applicability
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, as defined, 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 policies […]
§ 56-42-103. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Applicant” means: In the case of an individual long-term care insurance policy, the person who seeks to contract for benefits; and In the case of a group long-term care insurance policy, the proposed certificate holder; “Certificate” means any certificate issued under a group long-term care […]
§ 56-42-104. Policies Issued in Other States
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 § 56-42-103(4)(D), unless this state or another state having statutory and regulatory long-term care insurance requirements substantially similar to those adopted in this state has made a […]
§ 56-42-105. Regulations and Restrictions
The commissioner shall adopt regulations that include standards for full and fair disclosure, setting forth the manner, content and required disclosures for the sale of long-term care insurance policies, terms of renewability, initial and subsequent conditions of eligibility, nonduplication of coverage provisions, coverage of dependents, preexisting conditions, termination of insurance, continuation or conversion, probationary periods, […]
§ 56-42-107. Incontestability Period
For a policy or certificate that has been in force for less than six (6) months, an insurer may rescind a long-term care insurance policy or certificate or deny an otherwise valid long-term care insurance claim upon a showing of misrepresentation that is material to the acceptance for coverage. For a policy or certificate that […]
§ 56-42-108. Nonforfeiture Benefits
Except as provided in subsection (b), a long-term care insurance policy may not be delivered or issued for delivery in this state unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate including a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in the form of […]
§ 56-42-109. Producer Training Requirements
An individual may not sell, solicit or negotiate long-term care insurance unless the individual is licensed as an insurance producer for accident and health or sickness or life and has completed a one-time, eight-hour training course. A person currently authorized to sell long-term care insurance may continue to sell the long-term care insurance after July […]
§ 56-42-110. Duties of Commissioner — Rules and Regulations
The commissioner shall issue reasonable regulations for the administration and enforcement of this chapter, including, but not limited to, rules to promote premium adequacy and to protect the policyholder in the event of substantial rate increases, and to establish minimum standards for producer education, marketing practices, producer compensation, producer testing, penalties and reporting practices for […]
§ 56-42-111. Penalties
In addition to any other penalties provided by the laws of this state, any insurer and any producer found to have violated any requirement of this state relating to the regulation of long-term care insurance or the marketing of long-term care insurance shall be subject to a civil penalty of up to three (3) times […]