§ 38a-458 — Life insurance policies and annuities providing long-term care benefits. Regulations.

Connecticut § 38a-458

• Jurisdiction: Connecticut
• Title 38a: Insurance
• Ch. 700b: Life Insurance, Annuities, Burial Contracts and Life Settlements

Text

(a) Provided such company is licensed for both life and health insurance in this state, any life insurance company doing business in this state may issue life insurance policies or certificates, or riders or endorsements thereto, that provide, within the terms and conditions of the policy or certificate, long-term care benefits as described in section 38a-501 or 38a-528, except as specified in subsection (c) of this section. The Insurance Commissioner may adopt regulations, in accordance with chapter 54, to implement the provisions of this section. (b) Provided such company is licensed for both life and health insurance in this state, any life insurance company doing business in this state may issue annuity contracts or certificates, or riders or endorsements thereto, that provide, within the terms and conditions of the contract or certificate, long-term care benefits as described in section 38a-501 or 38a-528 , except as specified in subsection (c) of this section, and that waive the surrender charges under such contract or accelerate a specified portion of the annuity value of such contract. (c) Long-term care benefits provided pursuant to subsection (a) or (b) of this section shall not be subject to the requirements of subsection (b) of section 38a-501 or subsection (b) of section 38a-528 . (d) No insurance producer shall sell any such policy, certificate, rider or endorsement unless the producer is licensed to sell both life and health insurance in this state. (e) A life insurance policy or annuity contract with long-term care benefits issued pursuant to this section may include a rider that provides long-term care benefits that become payable upon exhaustion of a specified amount of the death benefit under the life insurance policy or a specified amount of the annuity value of the annuity contract. Any elimination period limitations shall apply only to the acceleration phase of the life insurance policy or annuity contract to which the rider is attached. Such rider shall not contain an additional elimination period and may calculate the waiver of premium from the time benefits are payable under such rider.

Legislative History

(P.A. 89-236, S. 2, 3; P.A. 92-60, S. 19; P.A. 00-34, S. 1; P.A. 01-113, S. 30, 42; P.A. 04-174, S. 4; P.A. 13-280, S. 1.) History: P.A. 92-60 made technical corrections for statutory consistency; P.A. 00-34 made technical changes in Subsecs. (a) and (c), and added Subsec. (d) re optional rider that may be added to life insurance policy with long-term care benefits that provides such benefits that become payable upon exhaustion of benefits under the life insurance policy, and that elimination period limitations shall apply only to the life insurance policy to which the rider is attached, and that such rider contain no additional elimination period and may calculate the waiver of premium from time benefits are payable under the rider; P.A. 01-113 amended Subsec. (c) to substitute “producer” for “agent”, effective September 1, 2002; P.A. 04-174 amended Subsec. (b) to insert reference to “subsection (a)” (Revisor's note: In 2005, a reference to “agent” in Subsec. (c) in said public act was changed editorially to “producer” to conform with P.A. 01-113 as published in the 2003 general statutes); P.A. 13-280 amended Subsec. (a) to add reference to Sec. 38a-528 and delete provision re approval prior to regulations, added new Subsec. (b) authorizing issuance of annuity contracts or certificates with long-term care benefits, redesignated existing Subsecs. (b), (c) and (d) as Subsecs. (c), (d) and (e), and made technical and conforming changes.