Ill. Admin. Code tit. 50, § 2012.86 - Nonforfeiture Benefits
a) Except as
provided in subsection (b), a long-term care insurance policy may not be
delivered or issued for delivery in this State unless the policyholder or
certificateholder has been offered the option of purchasing a policy or
certificate including a nonforfeiture benefit as specified in Section
2012.127
of this Part. The offer of a nonforfeiture benefit may be in the form of a
rider that is attached to the policy. In the event the policyholder or
certificateholder declines the nonforfeiture benefit, the insurer shall provide
a contingent benefit upon lapse that shall be available for a specified period
of time following a substantial increase in premium rates.
b) When a group long-term care insurance
policy is issued, the offer required in subsection (a) shall be made to the
group policyholder. However, if the policy is issued as group long-term care
insurance as defined in Section 351A-1(e)(4) of the Code, other than to a
continuing care retirement community or other similar entity, the offering
shall be made to each proposed certificateholder.
Notes
Added at 32 Ill. Reg. 7600, effective May 5, 2008
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