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MN HF4031

Bill

Official Source

Status

Introduced

3/7/2022

Primary Sponsor

Leon Lillie

Click for details

Origin

House of Representatives

92nd Legislature 2021-2022

AI Summary

  • Adds a new "Regulatory flexibility" subdivision to Minnesota Statutes section 61A.02 allowing the insurance commissioner to authorize long-term care insurance sold as part of or with life insurance policies
  • Permits policies not currently allowed under law if they represent an innovative and reasonable approach to provide both life insurance and long-term care coverage
  • Requires authorized policies to provide reasonable coverage and be in the best interest of insureds
  • Requires insurers seeking authorization to demonstrate their proposed policy satisfies all requirements outlined in the bill

Legislative Description

Life insurance policy authorization allowed for coverage that provides long-term care.

Last Action

HF indefinitely postponed

5/18/2022

Committee Referrals

Commerce Finance & Policy3/7/2022

Full Bill Text

No bill text available