Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-16 - LONG TERM CARE INSURANCE
Rule 120-2-16-.03 - Applicability and Scope
Current through Rules and Regulations filed through September 23, 2024
Except as otherwise specifically provided, this Regulation applies to all long-term care insurance policies, including qualified long-term care contracts and life insurance policies that accelerate benefits for long-term care delivered or issued for delivery in this state on or after the effective date by insurers; fraternal benefit societies; nonprofit health, nonprofit hospital and medical service corporations; healthcare plans; health maintenance organizations and all similar organizations. Certain provisions of this Regulation apply only to qualified long-term care insurance contracts as noted.
Additionally, this Regulation is intended to apply to policies having indemnity benefits that are triggered by activities of daily living and sold as disability income insurance, if:
(1) The benefits of the disability income policy are dependent upon or vary in amount based on the receipt of long-term care services;
(2) The disability income policy is advertised, marketed or offered as insurance for long-term care services; or
(3) Benefits under the policy may commence after the policyholder has reached Social Security's normal retirement age unless benefits are designed to replace lost income or pay for specific expenses other than long-term care services.
O.C.G.A. Secs. 33-2-9, 33-42-6, 33-42-7, 49-4-164, 49-4-165.
