No. 41922 (5-year Review): Rule R590-148. Long-Term Care Insurance Rule

DAR File No.: 41922
Filed: 07/12/2017 03:17:16 PM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Section 31A-2-201 authorizes the Commissioner to write rules to implement the provisions of the Utah Insurance Code, Title 31A. Section 31A-22-1404 authorizes the Commissioner to write rules to permit or include standards for full and fair disclosure of the manner, content, and required disclosures for the sale of long-term insurance policies.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

The department has received no written comments regarding this rule during the past five years.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

This rule is a major protection to the consumer. The department has incorporated a rate stability requirement approved by the industry through the NAIC. As the Utah population ages, the Department will need better guidance and protections for the aging. This rule will provide better understanding of products being sold. The rule requires better analysis by the producer of the suitability of the product they are selling to an individual. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:

Insurance
Administration
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201

Direct questions regarding this rule to:

• Steve Gooch at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at [e-mail]

Effective:

07/12/2017

Authorized by:

Steve Gooch, Information Specialist

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