1st Engrossment - 92nd Legislature (2021 - 2022) Posted on 10/06/2022 11:53am
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 provision of this section, the
commissioner may authorize certain long-term care coverage to be sold as part of or in
conjunction with a life insurance product, where that type of product:
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(1) is not already permitted;
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(2) represents an innovative and reasonable approach to provide both life insurance and
long-term care protection;
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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 the product must demonstrate that the proposed new policy satisfies
the criteria in paragraph (a), clauses (1) to (4).
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