IC 27-8-12-7: Policy disclosure standards; marketing practices; continuing education; penalties; reporting practices; rules

Sec. 7. (a) The insurance commissioner shall adopt rules under IC 4-22-2 establishing standards of full and fair disclosure concerning long term care insurance policies. The standards must require disclosure of information concerning the following:

(1) The sale of the policies.

(2) Terms of renewability.

(3) Initial and subsequent terms of eligibility.

(4) Nonduplication of coverage provisions.

(5) Coverage of dependents.

(6) Preexisting conditions.

(7) Termination of insurance coverage.

(8) Probationary periods.

(9) Limitations on coverage.

(10) Exceptions to coverage.

(11) Reductions from coverage.

(12) Elimination periods.

(13) Requirements for replacement.

(14) Recurrent conditions.

(15) Definitions of terms.

(16) Continuation or conversion of coverage.

(b) The insurance commissioner shall adopt rules under IC 4-22-2 to establish minimum standards concerning:

(1) marketing practices;

(2) insurance producer continuing education;

(3) penalties; and

(4) reporting practices;

for long term care insurance.

(c) Rules adopted by the insurance commissioner under this section must:

(1) recognize the unique, developing, and experimental nature of long term care insurance; and

(2) where necessary or appropriate, recognize the distinctions between group insurance policies and individual insurance policies.