Policy, contract, rider descriptions; plan sponsor; residency

Sec. 2.1. (a) For purposes of this chapter: (1) a policy or contract issued on a blanket basis is a group policy or group contract; (2) each individual insured under a policy or contract issued on a blanket basis is a certificate holder under the policy or contract; and (3) a policy or contract issued on a franchise plan to members of a qualified group is a nongroup policy or nongroup contract. (b) For purposes of this chapter, a benefit plan may have only one (1) plan sponsor. (c) For purposes of this chapter, an individual who, on the applicable coverage date: (1) is a citizen of the United States; and (2) resides in a: (A) foreign country; or (B) United States possession, territory, or protectorate; that does not have an association similar to the association created by this chapter; is considered to be a resident of the state of domicile of the insurer that issued the policies or contracts. (d) For purposes of this chapter, benefits provided under a long term care insurance rider to: (1) a life insurance policy; or (2) an annuity contract; are considered to be the same kind of benefits as the benefits under the life insurance policy or annuity contract to which the rider benefits relate. As added by P.L.193-2006, SEC.10. Amended by P.L.276-2013, SEC.32; P.L.208-2018, SEC.13.