House File 2064 - Introduced HOUSE FILE BY HUSER and PETERSEN (COMPANION TO LSB 5741SS BY BOLKCOM) Passed House, Date Passed Senate, Date Vote: Ayes Nays Vote: Ayes Nays Approved A BILL FOR 1 An Act relating to standardized requirements for long=term care 2 insurance policies. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 5741HH 81 5 pf/cf/24 PAG LIN 1 1 Section 1. Section 514G.7, Code 2005, is amended by adding 1 2 the following new subsection: 1 3 NEW SUBSECTION. 7A. STANDARD PROVISIONS AND FORMAT. The 1 4 commissioner shall adopt rules establishing standard 1 5 provisions relating to terms and benefits required to be 1 6 included in a long=term care insurance policy. The rules 1 7 shall also establish a standard format for long=term care 1 8 insurance policies to facilitate ease of comparison by 1 9 consumers. The insurance division of the department of 1 10 commerce shall review all policies of long=term care insurance 1 11 to be delivered or issued for delivery to ensure that each 1 12 policy complies with the requirements of this subsection. 1 13 Sec. 2. Section 514G.10, Code 2005, is amended by adding 1 14 the following new unnumbered paragraph: 1 15 NEW UNNUMBERED PARAGRAPH. The insurance division of the 1 16 department of commerce shall include in any consumer guide 1 17 prescribed a description of the standard provisions regarding 1 18 terms and benefits required to be included in a long=term care 1 19 insurance policy and a description of the standard format 1 20 required. 1 21 EXPLANATION 1 22 This bill directs the commissioner of insurance to adopt 1 23 rules establishing standard provisions relating to terms and 1 24 benefits required to be included in a long=term care insurance 1 25 policy. The rules are also required to establish a standard 1 26 format for a long=term care insurance policy to facilitate 1 27 ease of comparison by consumers. The bill also directs the 1 28 insurance division of the department of commerce to review all 1 29 policies of long=term care insurance to be delivered or issued 1 30 for delivery to ensure that each policy complies with the 1 31 standard and format requirements. The bill provides that any 1 32 consumer guide regarding long=term care insurance prescribed 1 33 for consumers include a description of the minimum provisions 1 34 regarding terms and benefits required to be included in a 1 35 long=term care insurance policy and a description of the 2 1 standard format required. 2 2 LSB 5741HH 81 2 3 pf:rj/cf/24