HF 4031

1st Engrossment - 92nd Legislature (2021 - 2022) Posted on 05/18/2022 11:10am

A bill for an act
relating to insurance; allowing life insurance policies that provide coverage for
long-term care to be authorized in certain instances; amending Minnesota Statutes
2020, section 61A.02, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2020, section 61A.02, is amended by adding a subdivision
to read:

new text begin Subd. 7. new text end

new text begin Regulatory flexibility. new text end

new text begin (a) Notwithstanding any other requirement of this
section, the commissioner may authorize long-term care insurance to be sold as part of or
in conjunction with life insurance, where that type of policy:
new text end

new text begin (1) is not permitted under current law;
new text end

new text begin (2) represents an innovative and reasonable approach to provide both life insurance and
long-term care insurance;
new text end

new text begin (3) provides reasonable coverage; and
new text end

new text begin (4) is in the best interest of insureds.
new text end

new text begin (b) The insurer filing for authorization under this section must demonstrate that the
proposed type of policy satisfies the requirements of paragraph (a).
new text end