House File 22 - Introduced



                                       HOUSE FILE       
                                       BY  HUSER and PETERSEN


    Passed House, Date               Passed Senate,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to establishing standardized requirements for
  2    long=term care insurance policies.
  3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  4 TLSB 1156HH 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 standards 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 1156HH 81
  2  3 pf/cf/24