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CT SB01027
Bill
Status
6/20/2013
Primary Sponsor
Insurance and Real Estate Committee
Click for details
AI Summary
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Allows life insurance companies licensed for both life and health insurance to issue annuity contracts with long-term care benefits riders effective October 1, 2013.
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Permits annuity contracts with long-term care benefits to waive surrender charges or accelerate a specified portion of the annuity value when long-term care benefits are triggered.
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Exempts long-term care benefits provided under life insurance policies and annuity contracts from certain requirements in sections 38a-501 and 38a-528.
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Requires insurance producers selling policies or annuity contracts with long-term care benefits to be licensed for both life and health insurance.
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Allows riders on life insurance policies and annuity contracts with long-term care benefits to become payable upon exhaustion of a specified death benefit or annuity value amount, with elimination periods applying only to the acceleration phase.
Legislative Description
An Act Concerning Long-term Care Benefits Under An Annuity Contract.
Last Action
Signed by the Governor
7/11/2013