MI HB4836

Insurance producers selling long-term care insurance must complete an 8-hour initial training course and 4 hours of ongoing training every 2 years, with topics covering state/federal regulations, available services, alternatives, inflation protection, and consumer suitability standards.

Insurers must verify that producers have completed required long-term care training before allowing them to sell long-term care products and make verification available to the director upon request.

Existing long-term care insurance policies delivered between December 31, 2007 and the approval of partnership program policies may be converted or replaced with long-term care partnership program policies with mutual agreement of the insured and insurer.

Long-term care partnership program policies must meet federal requirements under the Deficit Reduction Act, include specified inflation protection features based on purchaser age, and comply with National Association of Insurance Commissioners model standards.

Partnership policies require departmental filing and director approval through a partnership certification form developed in consultation with the state department of health and human services, with insurers required to provide regular reports to that department.