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:
Minnesota Statutes 2020, section 61A.02, is amended by adding a subdivision
to read:
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(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:
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(1) is not permitted under current law;
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(2) represents an innovative and reasonable approach to provide both life insurance and
long-term care insurance;
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(3) provides reasonable coverage; and
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(4) is in the best interest of insureds.
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(b) The insurer filing for authorization under this section must demonstrate that the
proposed type of policy satisfies the requirements of paragraph (a).
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