Illinois Administrative Code
Title 50 - INSURANCE
Part 2012 - LONG-TERM CARE INSURANCE
Section 2012.126 - Right to Reduce Coverage and Lower Premiums
Current through Register Vol. 48, No. 12, March 22, 2024
a) Coverage Reduction Options
b) 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.
c) The premium for the reduced coverage shall:
d) 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.
e) 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 2012.55(a)(3).
f) This Section does not apply to life insurance policies or riders containing accelerated long-term care benefits.
g) The requirements of this Section shall apply to any long-term care policy issued in this State on or after July 2009.
h) A premium increase notice required by Section 2012.62(e) shall include:
i) The requirements of subsection (h) shall apply to any rate increase implemented in this State on or after January 1, 2019.