208.696. 1. The director of the department of insurance, financialinstitutions and professional registration shall:
(1) Develop requirements to ensure that any individual who sells aqualified long-term care insurance partnership policy receives training anddemonstrates evidence of an understanding of such policies and how theyrelate to other public and private coverage of long-term care;
(2) Impose no requirements affecting the terms or benefits ofqualified long-term care partnership policies unless the director imposessuch a requirement on all long-term care policies sold in this state,without regard to whether the policy is covered under the partnership or isoffered in connection with such partnership:
(a) This subsection shall not apply to inflation protection asrequired under Section 6021(a)(1)(iii)(iv) of the Federal Deficit ReductionAct of 2005;
(b) The inflation protection required for partnership policies, asstated under Section 6021(a)(1)(iii)(iv) of the Federal Deficit ReductionAct of 2005, shall be no less favorable than the inflation protectionoffered for all long-term care policies under the National Association ofInsurance Commissioners' Long-Term Care Insurance Model Act and Regulationas specified in 42 U.S.C. 1917(b);
(3) Develop a summary notice in clear, easily understood language forthe consumer purchasing qualified long-term care insurance partnershippolicies on the current law pertaining to asset disregard and asset tests;and
(4) Develop requirements to ensure that any individual who exchangesnonqualified long-term care insurance for a qualified long-term careinsurance partnership policy receives equitable treatment for time or valuegained.
2. The director of the department of insurance, financialinstitutions and professional registration shall promulgate rules to carryout the provisions of this section, and on the process for certifying thequalified long-term care partnership policies. Any rule or portion of arule, as that term is defined in section 536.010, RSMo, that is createdunder the authority delegated in this section shall become effective onlyif it complies with and is subject to all of the provisions of chapter 536,RSMo, and, if applicable, section 536.028, RSMo. This section and chapter536, RSMo, are nonseverable and if any of the powers vested with thegeneral assembly pursuant to chapter 536, RSMo, to review, to delay theeffective date, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2007, shall be invalid and void.
208.696. 1. The director of the department of insurance, financialinstitutions and professional registration shall:
(1) Develop requirements to ensure that any individual who sells aqualified long-term care insurance partnership policy receives training anddemonstrates evidence of an understanding of such policies and how theyrelate to other public and private coverage of long-term care;
(2) Impose no requirements affecting the terms or benefits ofqualified long-term care partnership policies unless the director imposessuch a requirement on all long-term care policies sold in this state,without regard to whether the policy is covered under the partnership or isoffered in connection with such partnership:
(a) This subsection shall not apply to inflation protection asrequired under Section 6021(a)(1)(iii)(iv) of the Federal Deficit ReductionAct of 2005;
(b) The inflation protection required for partnership policies, asstated under Section 6021(a)(1)(iii)(iv) of the Federal Deficit ReductionAct of 2005, shall be no less favorable than the inflation protectionoffered for all long-term care policies under the National Association ofInsurance Commissioners' Long-Term Care Insurance Model Act and Regulationas specified in 42 U.S.C. 1917(b);
(3) Develop a summary notice in clear, easily understood language forthe consumer purchasing qualified long-term care insurance partnershippolicies on the current law pertaining to asset disregard and asset tests;and
(4) Develop requirements to ensure that any individual who exchangesnonqualified long-term care insurance for a qualified long-term careinsurance partnership policy receives equitable treatment for time or valuegained.
2. The director of the department of insurance, financialinstitutions and professional registration shall promulgate rules to carryout the provisions of this section, and on the process for certifying thequalified long-term care partnership policies. Any rule or portion of arule, as that term is defined in section 536.010, RSMo, that is createdunder the authority delegated in this section shall become effective onlyif it complies with and is subject to all of the provisions of chapter 536,RSMo, and, if applicable, section 536.028, RSMo. This section and chapter536, RSMo, are nonseverable and if any of the powers vested with thegeneral assembly pursuant to chapter 536, RSMo, to review, to delay theeffective date, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2007, shall be invalid and void.
208.696. 1. The director of the department of insurance, financialinstitutions and professional registration shall:
(1) Develop requirements to ensure that any individual who sells aqualified long-term care insurance partnership policy receives training anddemonstrates evidence of an understanding of such policies and how theyrelate to other public and private coverage of long-term care;
(2) Impose no requirements affecting the terms or benefits ofqualified long-term care partnership policies unless the director imposessuch a requirement on all long-term care policies sold in this state,without regard to whether the policy is covered under the partnership or isoffered in connection with such partnership:
(a) This subsection shall not apply to inflation protection asrequired under Section 6021(a)(1)(iii)(iv) of the Federal Deficit ReductionAct of 2005;
(b) The inflation protection required for partnership policies, asstated under Section 6021(a)(1)(iii)(iv) of the Federal Deficit ReductionAct of 2005, shall be no less favorable than the inflation protectionoffered for all long-term care policies under the National Association ofInsurance Commissioners' Long-Term Care Insurance Model Act and Regulationas specified in 42 U.S.C. 1917(b);
(3) Develop a summary notice in clear, easily understood language forthe consumer purchasing qualified long-term care insurance partnershippolicies on the current law pertaining to asset disregard and asset tests;and
(4) Develop requirements to ensure that any individual who exchangesnonqualified long-term care insurance for a qualified long-term careinsurance partnership policy receives equitable treatment for time or valuegained.
2. The director of the department of insurance, financialinstitutions and professional registration shall promulgate rules to carryout the provisions of this section, and on the process for certifying thequalified long-term care partnership policies. Any rule or portion of arule, as that term is defined in section 536.010, RSMo, that is createdunder the authority delegated in this section shall become effective onlyif it complies with and is subject to all of the provisions of chapter 536,RSMo, and, if applicable, section 536.028, RSMo. This section and chapter536, RSMo, are nonseverable and if any of the powers vested with thegeneral assembly pursuant to chapter 536, RSMo, to review, to delay theeffective date, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2007, shall be invalid and void.
