File No. 36501
This notice was published in the August 1, 2012, issue (Vol. 2012, No. 15) of the Utah State Bulletin.
Insurance, Administration
Rule R590-148
Long-Term Care Insurance Rule
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 36501
Filed: 07/16/2012 03:47:51 PM
NOTICE OF REVIEW AND STATEMENT OF CONTINUATION
Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:
Section 31A-2-201 authorizes the commissioner to write rules to implement the provisions of Title 31A of the Utah Code. Section 31A-22-1404 allows the commissioner to write rules to permit or include standards for full and fair disclosure of the manner, content, and required disclosures for the sale of long-term insurance policies.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
The governor's representative from the Office of Planning and Budget discovered a code reference in the rule that needed to be updated due to a legislative change in the numbering of the code. The nonsubstantive correction was made. No other comments were received regarding this rule in the past five years.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
This rule is a major protection to the consumer. The department has incorporated a rate stability requirement approved by the industry through the NAIC. As the Utah population ages, we will need better guidance and protections for the aging. This rule will provide better understanding of products being sold. The rule requires better analysis by the producer of the suitability of the product they are selling to an individual. Therefore, this rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:
InsuranceAdministration
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201
Direct questions regarding this rule to:
- Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at jwhitby@utah.gov
Authorized by:
Jilene Whitby, Information Specialist
Effective:
07/16/2012
Additional Information
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2012/b20120801.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at jwhitby@utah.gov.