An Act To Require Insurance Companies To Reissue Qualifying Long-term Care Partnership Policies

Sec. 1. 24-A MRSA §5082  is enacted to read:

§ 5082.  Long-term Care Partnership Program; exchange for qualified policies

Upon request of an insured, an insurer shall exchange a long-term care insurance policy issued prior to July 1, 2009 for a long-term care insurance policy that qualifies under the Long-term Care Partnership Program pursuant to Title 22, section 3174-GG. The addition of a rider, endorsement or change in schedule page to an in-force policy by an insurer constitutes a qualifying policy replacement for the purposes of meeting Long-term Care Partnership Program requirements if the effective date of the policy revision is on or after July 1, 2009. An insurer may not impose additional underwriting requirements or place the insured in a less favorable rating plan or classification when reissuing a long-term care insurance policy that qualifies for the Long-term Care Partnership Program.

SUMMARY

This bill requires insurers to reissue long-term care insurance policies that qualify for the Long-term Care Partnership Program pursuant to the Maine Revised Statutes, Title 22, section 3174-GG upon a request from a policyholder to exchange a long-term care insurance policy issued prior to July 1, 2009. An insurer may not impose additional underwriting requirements or place the insured in a less favorable rating plan or classification.