Sec. 5. Required use of model disclosure form in marketing long-term care insurance policies
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Not later than 1 year after the date on which the Working Group issues the proposed model disclosure form for marketing long-term care insurance policies under section 4: The Secretary of the Treasury shall promulgate a regulation requiring, not later than 1 year after the date on which the regulation is final, any issuer of a qualified long-term care insurance contract (as defined in section 7702B(b) of the Internal Revenue Code of 1986) to use the proposed model disclosure form for marketing such contracts.
The Secretary shall promulgate a regulation requiring, not later than 1 year after the date on which the regulation is final, any issuer of a qualified long-term care insurance contract that covers an insured who is a resident of a State with a qualified State long-term care insurance partnership under clause
(iii)of section 1917(b)(1)(C) of the Social Security Act ( 42 U.S.C. 1396p(b)(1)(C) ) or a long-term care insurance policy offered in connection with a State plan amendment described in clause
(iv)of such section to use the proposed model disclosure form for marketing such contracts. Not later than 18 months, or the earliest date on which an amendment could be enacted for those States with legislatures which meet only every other year, after the date on which the NAIC adopts an amended Model Act and regulation to require the use of the proposed model disclosure form issued by the Working Group under section 4, each State shall require by statute or regulation any issuer of a long-term care insurance policy to use the proposed model disclosure form when marketing such a policy in the State.
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Sec. 5
Required use of model disclosure form in marketing long-term care insurance policies
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