Sec. 4. NAIC Working Group to develop model disclosure form for long-term care insurance
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/bill/113/s/1473/is/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary shall request the NAIC to establish, not later than 60 days after the date on which the NAIC White Paper described in section 3(c) is issued and in consultation with the Secretary and the Secretary of the Treasury, a Working Group to develop a model disclosure form for marketing long-term care insurance policies. The Working Group established under subsection
(a)shall be composed of the following: Representatives from State Departments of Health (or the most appropriate State agencies with responsibility for oversight of the provision of long-term care). Representatives of long-term care providers and facilities. Consumer advocates. Representatives of issuers of long-term care insurance policies. Representatives of the NAIC or State insurance commissioners. Other experts in long-term care and long-term care insurance policies selected by the Secretary and Secretary of the Treasury or the NAIC. In developing the model form, the Working Group shall consider the following: Variations among providers, services, and facilities in the long-term care and long-term care insurance markets. The results of the reviews and the descriptions included in the NAIC White Paper issued under section 3(c). Such other information and factors as the Working Group determines appropriate. The Working Group shall ensure that the model has— minimum standard definitions for coverage of the various types of services and benefits provided under long-term care insurance policies; minimum standard language for use by issuers of such policies, and for agents selling such policies, in explaining the services and benefits covered under the policies and restrictions on the services and benefits; minimum standard format, color, and type size for disclosure documents; and such other minimum standards as the Working Group determines appropriate. The Working Group shall issue a proposed model disclosure form for marketing long-term care insurance policies not later than 1 year after the date on which the Working Group is established. The Secretary shall request the NAIC to amend the Model Act and regulation to require the use of the proposed model disclosure form issued by the Working Group, not later than 1 year after the date on which the Working Group issues the form.