Text: SF02163 Text: SF02165 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 514G.7, subsection 2, Code 2003, is
1 2 amended by adding the following new paragraph:
1 3 NEW PARAGRAPH. e. Require the payment of premiums in an
1 4 amount which, in total, exceeds the lifetime maximum benefit
1 5 amount of the policy.
1 6 Sec. 2. TRANSITION DIRECTIVE. For any insured whose total
1 7 amount of premiums paid exceeds the lifetime maximum benefit
1 8 amount of the insured's long-term care insurance policy as of
1 9 the effective date of this Act, the lifetime maximum benefit
1 10 amount in the policy shall either be increased to at least
1 11 equal the amount of total premiums paid by the insured or the
1 12 difference shall be refunded to the insured.
1 13 EXPLANATION
1 14 This bill prohibits long-term care insurance policies from
1 15 containing provisions which require an insured to pay premiums
1 16 in an amount which, in total, exceeds the lifetime maximum
1 17 benefit amount of the policy. Those policies in existence
1 18 prior to the effective date of the bill which have resulted in
1 19 the amount of premiums paid exceeding the amount of the
1 20 lifetime maximum benefit amount shall be amended to increase
1 21 the lifetime maximum benefit amount to at least equal the
1 22 amount of total premiums paid by the insured or the insurer
1 23 shall refund the amount of premiums paid in excess of the
1 24 lifetime maximum benefit amount.
1 25 LSB 5697XS 80
1 26 kk/cf/24
Text: SF02163 Text: SF02165 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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