North Dakota § 26.1-45-14 Nonforfeiture benefits

North Dakota Statutes

§ 26.1-45-14 — Nonforfeiture benefits

North Dakota § 26.1-45-14

Title 26.1Insurance

Ch. 26.1-45Long-Term Care Insurance

This text of North Dakota § 26.1-45-14 (Nonforfeiture benefits) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-45-14 (2026).

Text

1.Except as provided in subsection 2, 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 a rider that is attached to the policy. In the event the policyholder or certificate holder declines the nonforfeiture benefits, the insurer shall provide a contingent benefit upon lapse that is available for a specific period of time following a substantial increase in premium rates.

2.When a group long-term care insurance policy is issued, the offer required in subsection 1 must be made to the group policyholder. However, if the policy is issued as group

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1. Except as provided in subsection 2, 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 a rider
that is attached to the policy. In the event the policyholder or certificate holder declines
the nonforfeiture benefits, the insurer shall provide a contingent benefit upon lapse that
is available for a specific period of time following a substantial increase in premium
rates.
2. When a group long-term care insurance policy is issued, the offer required in
subsection 1 must be made to the group policyholder. However, if the policy is issued
as group long-term care insurance as defined in subdivision d of subsection 3 of
section 26.1-45-01, other than to a continuing care retirement community or other
similar entity, the offering must be made to each proposed certificate holder.
3. The commissioner shall adopt rules specifying the type of nonforfeiture benefits to be
offered as part of long-term care insurance policies and certificates, the standards for
nonforfeiture benefits, and the rules regarding contingent benefit upon lapse, including
a determining of the specific period of time during which a contingent benefit upon
lapse will be available and the substantial premium rate increase that triggers a
contingent benefit upon lapse as described in subsection 1.