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SUMMARY OF THE 2005 ACTS AND RESOLVES

ACT NO. 20

(H.287)

Banking and insurance; long term care insurance

This act establishes requirements for disclosure by issuers in the sale of long term care insurance policies, including the history of premium rate increases, and for the development and use of suitability standards to determine whether the purchase or replacement of long-term care insurance is appropriate for the needs of the applicant.

Effective Date: This act took effect May 11, 2005 and applies to any long-term care policy or certificate issued in this state on or after January 1, 2006 and to certificates issued on or after the effective date of this act under a group long-term care insurance policy as defined in 8 V.S.A. § 8082(4)(A), which policy was in force at the time this act became effective. The provisions of this act shall apply on the policy anniversary following January 1, 2006.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us