514G.107 Nonforfeiture benefits. 1. Except as otherwise provided in subsection 2, a long-term care insurance policy or certificate shall not be delivered or issued for delivery in this state unless the policyholderor certificate holder has been offered the option of purchasing a policy or certificate thatincludes a nonforfeiture benefit. A nonforfeiture benefit may be offered in the form of a riderthat is attached to the policy or certificate. If the policyholder or certificate holder declinesthe nonforfeiture benefit, the insurer shall provide a contingent benefit upon lapse that isavailable for a specified period of time following a substantial increase in premium rates. 2. When a group long-term care insurance policy or certificate is delivered or issued for delivery in this state, an offer of benefits shall be made to the group policyholder that meetsthe requirements of subsection 1. However, if the policy is delivered or issued for delivery to agroup as described in section 514G.103, subsection 9, paragraph 'd', that is not a continuingcare retirement community or other similar entity, the offer of benefits shall be made to eachproposed certificate holder. 3. in section 514G.103, subsection 9, paragraph 'd', that is not a continuingcare retirement community or other similar entity, the offer of benefits shall be made to eachproposed certificate holder. 3. The commissioner shall, by rule, specify the type or types of nonforfeiture benefits to be offered as part of long-term care insurance policies and certificates, the standards forsuch nonforfeiture benefits, and the standards for contingent benefit upon lapse including aspecified period of time during which a contingent benefit upon lapse will be available andwhat constitutes a substantial premium rate increase that will trigger a contingent benefitupon lapse as provided in subsection 1. 2008 Acts, ch 1175, §8 Sat Dec 23 00:45:45 2023 Iowa Code 2024, Section 514G.107 (16, 0)
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