Ill. Admin. Code tit. 50, § 2012.86 - Nonforfeiture Benefits
Current through Register Vol. 46, No. 15, April 8, 2022
a)
Except as provided in subsection (b), a long-term care insurance policy may not
be delivered or issued for delivery in this State unless the policyholder or
certificateholder has been offered the option of purchasing a policy or
certificate including a nonforfeiture benefit as specified in Section
2012.127
of this Part. The offer of a nonforfeiture benefit may be in the form of a
rider that is attached to the policy. In the event the policyholder or
certificateholder declines the nonforfeiture benefit, the insurer shall provide
a contingent benefit upon lapse that shall be available for a specified period
of time following a substantial increase in premium rates.
b) When a group long-term care insurance
policy is issued, the offer required in subsection (a) shall be made to the
group policyholder. However, if the policy is issued as group long-term care
insurance as defined in Section 351A-1(e)(4) of the Code, other than to a
continuing care retirement community or other similar entity, the offering
shall be made to each proposed certificateholder.
Notes
Added at 32 Ill. Reg. 7600, effective May 5, 2008
The following state regulations pages link to this page.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.