Subdivision 1. Insurer records. Each insurer shall maintain records for each agent of that agent's amount of replacement sales as a percent of the agent's total annual sales and the amount of lapses of long-term care insurance policies sold by the agent as a percent of the agent's total annual sales.
Subd. 2. Required information on agents. Each insurer shall report annually by June 30 the ten percent of its agents with the greatest percentages of lapses and replacements as measured under subdivision 1.
Subd. 3. Intent. Reported replacement and lapse rates do not alone constitute a violation of insurance laws or necessarily imply wrongdoing. The reports are for the purpose of reviewing more closely agent activities regarding the sale of long-term care insurance.
Subd. 4. Lapsed policies. Each insurer shall report annually by June 30 the number of lapsed long-term care insurance policies as a percent of its total annual sales and as a percent of its total number of long-term care insurance policies in force as of the end of the preceding calendar year.
Subd. 5. Replacement policies. Each insurer shall report annually by June 30 the number of replacement long-term care insurance policies sold as a percent of its total annual sales and as a percent of its total number of long-term care insurance policies in force as of the preceding calendar year.
Subd. 6. Claims denied. Each insurer shall report annually by June 30 the number of claims denied for any reason during the reporting period for each class of business, expressed as a percentage of claims denied, other than claims denied for failure to meet the waiting period or because of any applicable preexisting condition. For purposes of this subdivision, "claim" means a request for payment of benefits under an in-force policy regardless of whether the benefit claimed is covered under the policy or any terms or conditions of the policy have been met.
Subd. 7. Reports. Reports under this section shall be done on a statewide basis and filed with the commissioner. They shall include, at a minimum, the information in the format contained in Appendix E (Claim Denial Reporting Form) and in Appendix G (Replacement and Lapse Reporting Form) of the Long-Term Care Model Regulation adopted by the National Association of Insurance Commissioners.
1997 c 71 art 1 s 25; 2006 c 255 s 50,51; 2006 c 282 art 17 s 16,17
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 62S — Qualified Long-term Care Insurance Policies
Section 62S.02 — Qualified Long-term Care Insurance Policy.
Section 62S.021 — Long-term Care Insurance; Initial Filing.
Section 62S.03 — Extraterritorial Jurisdiction.
Section 62S.04 — Prohibitions.
Section 62S.05 — Preexisting Condition.
Section 62S.06 — Prior Hospitalization Or Institutionalization.
Section 62S.07 — Right To Return; Refund.
Section 62S.08 — Coverage Outline.
Section 62S.081 — Required Disclosure Of Rating Practices To Consumers.
Section 62S.09 — Certificate Requirements.
Section 62S.10 — Policy Summary.
Section 62S.11 — Monthly Report.
Section 62S.12 — Claim Denial.
Section 62S.13 — Incontestability Period.
Section 62S.14 — Renewability.
Section 62S.15 — Authorized Limitations And Exclusions.
Section 62S.16 — Extension Of Benefits.
Section 62S.17 — Continuation Or Conversion.
Section 62S.18 — Discontinuance And Replacement.
Section 62S.181 — Electronic Enrollment For Group Policies.
Section 62S.19 — Unintentional Lapse.
Section 62S.20 — Required Disclosure Provisions.
Section 62S.21 — Prohibition Against Postclaims Underwriting.
Section 62S.22 — Minimum Standards For Home Health And Community Care Benefits.
Section 62S.23 — Requirement To Offer Inflation Protection.
Section 62S.24 — Requirements For Application Forms And Replacement Coverage.
Section 62S.25 — Reporting Requirements.
Section 62S.251 — Reserve Standards.
Section 62S.265 — Premium Rate Schedule Increases.
Section 62S.266 — Nonforfeiture Benefit Requirement.
Section 62S.267 — Standards For Benefit Triggers.
Section 62S.27 — Filing Requirement.
Section 62S.28 — Filing Requirements For Advertising.
Section 62S.29 — Standards For Marketing.
Section 62S.291 — Availability Of New Services Or Providers.
Section 62S.292 — Right To Reduce Coverage And Lower Premiums.
Section 62S.31 — Requirement To Deliver Shopper's Guide.
Section 62S.312 — Consumer Protection Standards For Long-term Care Partnership Policies.