Browse Arkansas Code titles and sections
23-97-319. Nonforfeiture benefits.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-97-319. Nonforfeiture benefits.
(a)(1) Except as provided in subsection (b) of this section, a long-term care insurance policy may not be delivered or issued for delivery in this state unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate containing a nonforfeiture benefit.
(2) The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy.
(3) If the policyholder or certificate holder declines the nonforfeiture benefit, then the insurer shall provide a contingent benefit upon lapse that shall be available for the period of time specified by the Insurance Commissioner following a substantial increase in premium rates.
(b)(1) When a group long-term care insurance policy is issued, the offer required in subsection (a) of this section shall be made to the group policyholder.
(2) However, if the policy is issued as group long-term care insurance as defined under § 23-97-304(6)(B), other than to a continuing care retirement community or similar entity, then the offering shall be made to each proposed certificate holder.
(c) The commissioner shall promulgate rules specifying:
(1) The type or types of nonforfeiture benefits to be offered as part of long-term care insurance policies and certificates;
(2) The standards for nonforfeiture benefits; and
(3) The rules regarding contingent benefit upon lapse, including a determination of the specified period of time during which a contingent benefit upon lapse will be available and the substantial premium rate increase that triggers a contingent benefit upon lapse under subsection (a) of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-97-319
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
Issuing source page ↗
Authority boundary: historical statutory source snapshot not current law.
Open the recorded source website ↗
Record provenance
Stable record: arkansas_code:legal_authorities:23-97-319
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b108fbd2f8c4a7b7f98ebc74bef968903008ccad0f8f916df148c19733e2b0ff
Source location: content.xml paragraph 58075
Stored source content
23-97-319. Nonforfeiture benefits.
(a)(1) Except as provided in subsection (b) of this section, a long-term care insurance policy may not be delivered or issued for delivery in this state unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate containing a nonforfeiture benefit.
(2) The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy.
(3) If the policyholder or certificate holder declines the nonforfeiture benefit, then the insurer shall provide a contingent benefit upon lapse that shall be available for the period of time specified by the Insurance Commissioner following a substantial increase in premium rates.
(b)(1) When a group long-term care insurance policy is issued, the offer required in subsection (a) of this section shall be made to the group policyholder.
(2) However, if the policy is issued as group long-term care insurance as defined under § 23-97-304(6)(B), other than to a continuing care retirement community or similar entity, then the offering shall be made to each proposed certificate holder.
(c) The commissioner shall promulgate rules specifying:
(1) The type or types of nonforfeiture benefits to be offered as part of long-term care insurance policies and certificates;
(2) The standards for nonforfeiture benefits; and
(3) The rules regarding contingent benefit upon lapse, including a determination of the specified period of time during which a contingent benefit upon lapse will be available and the substantial premium rate increase that triggers a contingent benefit upon lapse under subsection (a) of this section.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-97-304. Definitions.
As used in this subchapter:
(1) “Applicant” means:
(A) In the case of an individual long-term care insurance policy, the person who seeks to contract for benefits; and
(B) In the case of a group long-term care insurance policy, the proposed certificate holder;
(2) “Association” means a professional, trade, or occupational association or associations, if the association:
(A) Is composed entirely of individuals that are or were actively engaged in the same profession, trade, or occupation; and
(B) Has been maintained in good faith for purposes other than obtaining insurance;
(3) “Certificate” means any certificate issued under a group long-term care insurance policy delivered or issued for delivery in this state;
(4) “Commissioner” means the Insurance Commissioner;
(5) “Federally tax-qualified long-term care insurance contract” means:
(A) An individual or group insurance contract that meets the following requirements of section 7702B(b) of the Internal Revenue Code of 1986:
(i)(a) The only insurance protection provided under the contract is coverage of qualified long-term care services.
(b) A contract satisfies the requirements of this subdivision (5)(A)(i) even though payments are made on a per diem or other periodic basis without regard to the expenses incurred during the period to which the payments relate;
(ii)(a) The contract does not pay or reimburse expenses incurred for services or items to the extent that the expenses:
(1) Are reimbursable under Title XVIII of the Social Security Act; or
(2) Would be reimbursable but for the application of a deductible or coinsurance amount.
(b) The requirements of this subdivision (5)(A)(ii) do not apply to expenses that are reimbursable under Title XVIII of the Social Sec
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-97-304
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-97-304. This identifies an authority to review, not proof of applicability.