MN SF3338

Amends Minnesota Statutes 2020, section 61A.02 by adding a new subdivision allowing regulatory flexibility for life insurance products combined with long-term care coverage

Authorizes the insurance commissioner to permit long-term care coverage sold as part of or with a life insurance product if the product type is not already permitted

Requires proposed combined products to represent an innovative and reasonable approach providing both life insurance and long-term care protection with reasonable coverage

Mandates that combined products be in the best interest of insureds, and requires insurers filing such products to demonstrate they meet all criteria

Referred to Commerce and Consumer Protection Finance and Policy committee on 02/21/2022, with committee report recommending passage as amended on 03/29/2022