§ 23-97-307 — Disclosure and performance standards for long-term care insurance

Arkansas § 23-97-307

• Jurisdiction: Arkansas
• Title: 23

Text

(a) The Insurance Commissioner may adopt rules for long-term care insurance that include, but are not limited to, standards for full and fair disclosure addressing: (1) The manner, content, and required disclosures for the sale of long-term care insurance policies; (2) Terms of renewability; (3) Initial and subsequent conditions of eligibility; (4) Nonduplication of coverage provisions; (5) Coverage of dependents; (6) Preexisting conditions; (7) Termination of insurance; (8) Continuation or conversion of coverage; (9) Probationary periods; (10) Limitations, exceptions, reductions, and elimination periods; (11) Requirements for replacement; (12) Recurrent conditions; and (13) Definitions of terms. (b) No long-term care insurance policy shall: (1) Be cancelled, not renewed, or otherwise terminated because of age or the deterioration of the mental or physical health of the insured individual or certificate holder; (2) Contain a provision establishing a new waiting period in the event existing coverage is converted to or replaced by a new or other form of coverage within the same company, except with respect to an increase in benefits voluntarily selected by the insured individual or group policyholder; or (3) Provide coverage for skilled nursing care only or provide significantly more coverage for skilled care within a facility than coverage for lower levels of care.

Legislative History

Amended by Act 2019, No. 315,§ 2790, eff. 7/24/2019. Acts 2005, No. 1697, § 31.