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MN HF866
Bill
Status
1/25/2023
Primary Sponsor
Dawn Gillman
Click for details
AI Summary
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Allows life insurance policies to convert into long-term care insurance policies without violating Minnesota's restrictions on combined coverage policies.
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Exempts life insurance policies that convert to long-term care insurance from the replacement insurance transaction rules that would otherwise apply.
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Adds life insurance policies that convert to long-term care insurance to the statutory definition of "long-term care insurance" in Minnesota law.
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Permits combining life coverage with long-term care coverage as an exception to the general prohibition on combining certain insurance coverages in a single policy.
Legislative Description
Sale of life insurance policies that convert to long-term care insurance policies allowed.
Last Action
Introduction and first reading, referred to Commerce Finance and Policy
1/25/2023