3E Relating to insurance

ARTICLE 1 - QUALIFIED LONG TERM CARE INSURANCE REGULATORY CHANGES

Authorizing the commissioner of commerce to extend the limitation periods relating to specific age categories in specific policy forms upon finding extensions are in the best interest of the public; modifying the mandatory format; providing for the death of the insured; providing for the use of level premium; providing an exception for authorized limitations and exclusions for expenses for services or items available or paid to another long term care insurance or health insurance policy; modifying certain required question provisions; requiring agents to list all other health insurance polices sold to applicants and still in force or sold within a certain period of time and no longer in force; requiring life insurance policies; defining claim; modifying reporting requirements; excluding life insurance policies from minimum loss ratio; providing for the nonforfeiture benefit requirement for group long term care insurance policy; modifying standards for marketing requirements; requiring and providing for the development and use of suitability standards, specifying procedures, requiring annual reports to the commissioner of commerce; requiring the commissioner to approve insurer and producer training requirements in accordance with NAIC long term care insurance model act provisions

ARTICLE 2 - LONG TERM CARE PARTNERSHIP PROGRAM

Modifying provisions relating to the long term care partnership program; providing for exchange for long term care partnership policy and addition of a policy rider under certain conditions; modifying medical assistance eligibility; providing for long term care partnership policy inflation protection; eliminating total asset protection policies provisions; modifying compliance with federal law provisions; modifying certain provisions relating to limitations on estate recovery; requiring the commissioner of human services, in cooperation with the commissioner of commerce, to pursue federal law changes or waiver necessary to implement the program and to submit a state plan amendment to the federal government for implementation purposes; specifying limitations on liens; providing for burden of proof
(je)