CT HB06548

Allows life insurance companies licensed for both life and health insurance to issue annuity contracts with riders or endorsements that provide long-term care benefits and waive surrender charges or accelerate annuity value payouts.

Permits annuity contracts with long-term care benefits to include riders that become payable upon exhaustion of a specified amount of the annuity value.

Requires insurance producers to be licensed for both life and health insurance to sell policies, certificates, or annuity contracts with long-term care benefits.

Long-term care benefits provided through annuity contracts are exempt from certain requirements in sections 38a-501 and 38a-528.

Effective October 1, 2013; repeals section 38a-458a of the general statutes.