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-.27 - Right to Reduce Coverage and Lower Premiums
Current through Rules and Regulations filed through September 23, 2024
(1)
(2) The provision shall include a description of the ways in which coverage may be reduced and the process for requesting and implementing a reduction in coverage.
(3) The age to determine the premium for the reduced coverage shall be based on the age used to determine the premiums for the coverage currently in force.
(4) The insurer may limit any reduction in coverage to plans or options available for that policy form and to those for which benefits will be available after consideration of claims paid or payable.
(5) If a policy or certificate is about to lapse, the insurer shall provide a written reminder to the policyholder or certificateholder of his or her right to reduce coverage and premiums in the notice required by Section 120-2-16-.07(1)(c) of this regulation.
(6) This section does not apply to life insurance policies or riders containing accelerated long-term care benefits.
(7) The requirements of this section shall apply to any long-term care policy issued in this state on or after April 1, 2009.
O.C.G.A. Secs. 33-2-9, 33-42-6, 33-42-7, 49-4-164, 49-4-165.
