Offer of nonforfeiture benefit
- • rules
(1) Except as provided in subsection (2) of this section, a long term care insurance policy may not be delivered or issued for delivery in this state unless the policyholder or certificate holder has been offered the option of purchasing a policy or certificate including a nonforfeiture benefit. The offer of a nonforfeiture benefit may be in the form of a rider that is attached to the policy. If the policyholder or certificate holder declines the nonforfeiture benefit, the insurer must provide a contingent benefit upon lapse that is available for a specified period of time following a substantial increase in premium rates.
(2) When a group long term care insurance policy is issued, the offer required in subsection (1) of this section must be made to the group policyholder. However, if the policy is issued as group long term care insurance as described in ORS 743.652 (Definitions for ORS 743.650 to 743.665) (4)(d), other than to a continuing care retirement community or similar entity, the offering shall be made to each proposed certificate holder.
(3) The Director of the Department of Consumer and Business Services by rule shall specify:
(a) The type or types of nonforfeiture benefits to be offered as part of long term care insurance policies and certificates;
(b) The standards for nonforfeiture benefits; and
(c) The standards governing contingent benefits upon lapse, including a determination of the specified period of time during which a contingent benefit upon lapse will be available and the substantial premium increase that triggers a contingent benefit upon lapse as described in subsection (1) of this section.
(4) This section is exempt from ORS 743A.001 (Automatic repeal of certain statutes on individual and group health insurance). [2007 c.486 §7; 2011 c.69 §6]
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