Minnesota Session Laws - 2022, Regular Session

CHAPTER 79--S.F.No. 3338

An act

relating to insurance; allowing life insurance policies that provide coverage for long-term care to be authorized in certain instances;

amending Minnesota Statutes 2020, section 61A.02, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2020, section 61A.02, is amended by adding a subdivision to read:

new text begin Subd. 7. new text end

new text begin Regulatory flexibility. new text end

new text begin (a) Notwithstanding any provision of this section, the commissioner may authorize certain long-term care coverage to be sold as part of or in conjunction with a life insurance product, where that type of product: new text end

new text begin (1) is not already permitted; new text end

new text begin (2) represents an innovative and reasonable approach to provide both life insurance and long-term care protection; new text end

new text begin (3) provides reasonable coverage; and new text end

new text begin (4) is in the best interest of insureds. new text end

new text begin (b) The insurer filing the product must demonstrate that the proposed new policy satisfies the criteria in paragraph (a), clauses (1) to (4). new text end

Presented to the governor May 21, 2022

Signed by the governor May 22, 2022, 3:44 p.m.