CA AB2453

Removes exemption for life insurance policies that accelerate benefits for long-term care from long-term care insurance suitability standards, requiring them to comply with all suitability procedures.

Requires written comparison of accelerated death benefit policies to stand-alone long-term care insurance policies to be presented to applicants at application and included in their files.

Mandates insurers ensure agents selling accelerated death benefits complete California long-term care insurance education or continuing education to meet knowledge requirements.

Requires insurers marketing accelerated death benefits to develop and use suitability standards, train agents, and consider applicants' ability to pay, life insurance goals, and existing coverage when determining appropriateness.

Requires insurers to report annually to the commissioner the total applications received, applicants who declined to provide information, applicants who did not meet suitability standards, and applicants who purchased the coverage.