§ 31A-22-2006 — Rulemaking.

In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner:
(1) shall makes rules:

(1)(a) in the event of a substantial rate increase, promoting premium adequacy and protecting the policy holder;
(1)(b) establishing minimum standards for limited long-term care insurance marketing practices, producer compensation, producer testing, independent review of benefit determinations, penalties, and reporting practices;
(1)(c) prescribing a standard format, including style, arrangement, and overall appearance of an outline of coverage;
(1)(d) prescribing the content of an outline of coverage, in accordance with the requirements described in Subsection 31A-22-2004(5)(b);
(1)(e) specifying the type of nonforfeiture benefits offered as part of a limited long-term care insurance policy or certificate;
(1)(f) establishing the standards of nonforfeiture benefits; and
(1)(g) establishing the rules regarding contingent benefits upon lapse, including:
(1)(g)(i) a determination of the specified period of time during which a contingent benefit upon lapse will be available; and
(1)(g)(ii) the substantial premium rate increase that triggers a contingent benefit upon lapse as described in Subsection 31A-22-2005(1); and
(2) may make rules establishing loss-ratio standards for limited long-term care insurance policies.

Legislative History

Enacted by Chapter 32, 2020 General Session