62S.20 REQUIRED DISCLOSURE PROVISIONS.
    Subdivision 1. Renewability. (a) Individual long-term care insurance policies must contain
a renewability provision that is appropriately captioned, appears on the first page of the policy,
and clearly states that the coverage is guaranteed renewable or noncancelable. This subdivision
does not apply to policies which are part of or combined with life insurance policies which do
not contain a renewability provision and under which the right to nonrenew is reserved solely
to the policyholder.
(b) A long-term care insurance policy or certificate, other than one where the insurer does not
have the right to change the premium, shall include a statement that premium rates may change.
    Subd. 2. Riders and endorsements. Except for riders or endorsements by which the insurer
effectuates a request made in writing by the insured under an individual long-term care insurance
policy, all riders or endorsements added to an individual long-term care insurance policy after
date of issue or at reinstatement or renewal which reduce or eliminate benefits or coverage in the
policy must require signed acceptance by the individual insured. After the date of policy issue,
a rider or endorsement which increases benefits or coverage with a concomitant increase in
premium during the policy term must be agreed to, in writing, signed by the insured, except if
the increased benefits or coverage are required by law. Where a separate additional premium is
charged for benefits provided in connection with riders or endorsements, the premium charge
must be specified in the policy, rider, or endorsement.
    Subd. 3. Payment of benefits. A long-term care insurance policy which provides for the
payment of benefits based on standards described as "usual and customary," "reasonable and
customary," or similar words must include a definition and an explanation of the terms in its
accompanying outline of coverage.
    Subd. 4. Limitations. If a long-term care insurance policy or certificate contains any
limitations with respect to preexisting conditions, the limitations must appear as a separate
paragraph of the policy or certificate and must be labeled as "preexisting condition limitations."
    Subd. 5. Other limitations or conditions on eligibility for benefits. A long-term care
insurance policy or certificate containing any limitations or conditions for eligibility other than
those prohibited in section 62S.06 shall provide a description of the limitations or conditions,
including any required number of days of confinement, in a separate paragraph of the policy or
certificate and shall label the paragraph "limitations or conditions on eligibility for benefits."
    Subd. 6. Qualified long-term care insurance policy. A qualified long-term care insurance
policy must include a disclosure statement in the policy that the policy is intended to be a
qualified long-term care insurance policy.
History: 1997 c 71 art 1 s 20; 2006 c 255 s 43; 2006 c 282 art 17 s 9