31A-22-1412. Nonforfeiture benefits.
(1) A long-term care insurance policy or certificate 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 including a nonforfeiture benefit. The offer of a nonforfeiture benefit under Subsectionmay be in the form of a rider that is attached to the policy. (1)(a) If the policyholder or certificate holder declines the nonforfeiture benefit offered under this Subsection, the insurer shall provide a contingent benefit upon lapse of the policy or certificate that is available for a specified period of time following a substantial increase in premium rates. (1) Except as provided in Subsection, if a group long-term care insurance policy is issued, the offer required in this Subsectionshall be made to the group policyholder. (1)(d)(ii) (1) If the policy is issued to a group authorized under Section, the offer required under this Subsectionshall be made to each proposed certificate holder. 31A-22-509 (1)
(2) The commissioner shall make rules: specifying the types of nonforfeiture benefits to be offered as part of a long-term care insurance policy or certificate; specifying the standards for nonforfeiture benefits; and regarding contingent benefits upon lapse, including a determination of: the specified period of time during which a contingent benefit upon lapse will be available as provided in Subsection; and (1) the substantial premium rate increase that triggers a contingent benefit upon lapse as provided in Subsection. (1)