Senate File 2058 - Introduced



                                       SENATE FILE       
                                       BY  BOLKCOM, CONNOLLY, HANCOCK,
                                           KIBBIE, GRONSTAL, COURTNEY,
                                           FRAISE, SCHOENJAHN, DEARDEN,
                                           KREIMAN, WOOD, SENG, HORN,
                                           DVORSKY, DOTZLER, DANIELSON,
                                           RAGAN, STEWART, HATCH, McCOY,
                                           and BEALL

                                       (COMPANION TO LSB 5741HH
                                        BY HUSER)


    Passed Senate, Date               Passed House,  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 5741SS 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 5741SS 81
  2  3 pf:rj/cf/24