BULLETIN 2002-5Long Term Care Insurance
The purpose of this bulletin is to inform insurers of
the extension of the compliance and enforcement dates for Utah
Administrative Rule R590-148, Long Term Care Insurance Rule. All insurers issuing long-term care(LTC) insurance benefits,
as defined in Utah Code Annotated (UCA) § 31A-1-301, should review the rule
and their currently issued or future planned products to assure compliance.
The revised rule is available on our website, www.insurance.utah.gov. Previously Filed Forms Utah Administrative Rule R590-148, has an enforcement
date of July 1, 2002. This
bulletin moves the enforcement and compliance date of all the significant
changes to January 1, 2003. All
requirements for long term care products that were in the old R590-148,
continue to be valid and must be in the existing policy forms currently
being sold. The company must review all existing products, including life
insurance policies and annuity contracts that provide long term care
insurance benefits, because previously filed forms may be affected by the
significant changes to the rule. If the forms are not in compliance, the company must cease
marketing the forms or file revisions prior to January 1, 2003.
All required rating practice disclosures and premium rate schedules
must be compliant as of January 1, 2003. New Long Term Care Forms Beginning January 1, 2003, this bulletin requires that all new long term care forms filed with the Utah Insurance Department comply with all aspects of the new R590-148. This would include disclosure requirements and any other requirements that effect rating practices. DATED this 27th of June 2002.
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