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SB 520 — Long-Term Care Insurance

by Senator Grimsley

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Banking and Insurance Committee (BI)

The bill allows an insurer to offer a nonforfeiture protection provision in a long-term care insurance policy that provides for the return of premium if the insured dies or the policy is completely surrendered or canceled. The bill is not expected to have a fiscal impact on the state.

If approved by the Governor, these provisions take effect July 1, 2015.

Vote: Senate 116-0; House 37-0