SF 3338

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:

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 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:
new text end

new text begin (1) is not already permitted;
new text end

new text begin (2) represents an innovative and reasonable approach to provide both life insurance and
long-term care protection;
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 the product must demonstrate that the proposed new policy satisfies
the criteria in paragraph (a), clauses (1) to (4).
new text end