§6050Z Reports Relating to Long-term Care Premium Statements

Summary

If an insurer issues certified long-term care insurance and gives a purchaser a long-term care premium statement for a calendar year, the insurer must file a return by February 1 of the next year using the forms or rules the Secretary sets. The return must list for each purchaser: the insurer’s name and tax ID, a note that the policy is certified long-term care insurance, the owner’s name, the name of the person covered and their relation to the owner, the premiums paid that year, and any other information the Secretary requires. The insurer must also give each covered person a written statement by January 31 of the next year. That statement must show the insurer’s contact (name, address, phone) and the total premiums and charges paid for that insured during the year. If one policy covers more than one person, the return and the statement must show only the premium amount that applies to the specific insured. If a covered person asks for the statement before the end of the calendar year, the insurer must provide it and send a copy to the Secretary at that time.