Legislative Session number- 84

Bill Name: SF2898

3E Relating to insurance

ARTICLE 1 - QUALIFIED LONG TERM CARE INSURANCE
REGULATORY CHANGES

Authorizing the commissioner of commerce to extend the
limitation periods relating to specific age categories in specific policy forms
upon finding extensions are in the best interest of the public; modifying the
mandatory format; providing for the death of the insured; providing for the use
of level premium; providing an exception for authorized limitations and
exclusions for expenses for services or items available or paid to another long
term care insurance or health insurance policy; modifying certain required
question provisions; requiring agents to list all other health insurance polices
sold to applicants and still in force or sold within a certain period of time
and no longer in force; requiring life insurance policies; defining claim;
modifying reporting requirements; excluding life insurance policies from minimum
loss ratio; providing for the nonforfeiture benefit requirement for group long
term care insurance policy; modifying standards for marketing requirements;
requiring and providing for the development and use of suitability standards,
specifying procedures, requiring annual reports to the commissioner of commerce;
requiring the commissioner to approve insurer and producer training requirements
in accordance with NAIC long term care insurance model act provisions

ARTICLE
2 - LONG TERM CARE PARTNERSHIP PROGRAM

Modifying provisions relating to the
long term care partnership program; providing for exchange for long term care
partnership policy and addition of a policy rider under certain conditions;
modifying medical assistance eligibility; providing for long term care
partnership policy inflation protection; eliminating total asset protection
policies provisions; modifying compliance with federal law provisions; modifying
certain provisions relating to limitations on estate recovery; requiring the
commissioner of human services, in cooperation with the commissioner of
commerce, to pursue federal law changes or waiver necessary to implement the
program and to submit a state plan amendment to the federal government for
implementation purposes; specifying limitations on liens; providing for burden
of proof
(je)