S.3229 - Long-Term Care Insurance Consumer Right-to-Know Act of 2012

A bill to develop a model disclosure form to assist consumers in purchasing long-term care insurance. view all titles (2)

All Bill Titles

  • Official: A bill to develop a model disclosure form to assist consumers in purchasing long-term care insurance. as introduced.
  • Short: Long-Term Care Insurance Consumer Right-to-Know Act of 2012 as introduced.

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Introduced
 
Senate
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House
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President
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05/23/12
 
 
 
 
 
 
 

Official Summary

Long-Term Care Insurance Consumer Right-to-Know Act of 2012 - Directs the Secretary of Health and Human Services (HHS) to request the National Association of Insurance Commissioners (NAIC) to review and describe, and report to Congress on: (1) disclosure requirements for long-term care insu

Official Summary

Long-Term Care Insurance Consumer Right-to-Know Act of 2012 - Directs the Secretary of Health and Human Services (HHS) to request the National Association of Insurance Commissioners (NAIC) to review and describe, and report to Congress on:
(1) disclosure requirements for long-term care insurance policies under the long-term care insurance model regulation and Act promulgated by NAIC (as adopted as of October 2000 and December 2006);
(2) disclosure requirements for long-term care insurance policies under state laws;
(3) differences in long-term care services, providers, and settings among states; and
(4) key issues to consider in the development of a proposed model form for marketing long-term care insurance policies. Directs the Secretary to request NAIC to:
(1) establish a Working Group to develop and issue a model disclosure form for marketing long-term care insurance policies, and
(2) amend the model regulation and Act to require the use of such form. Requires:
(1) the Secretaries of the Treasury and HHS to promulgate regulations requiring issuers of a qualified long-term care insurance contract under certain tax-qualified or Medicaid Partnership policies to use such form for marketing such contracts, and
(2) each state to require any issuer of a long-term care insurance policy to use such form when marketing such a policy in the state.

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