Thursday, June 06, 2013
Long Term Care Insurance- new Massachusetts statute and regulations
In 2012 the Massachusetts legislature passed a statute (Chapter 312 of the Acts of 2012) establishing standards for long term care insurance. The law applies to insurance policies delivered or issued for delivery in Massachusetts on or after January 1, 2013. The session law created new chapter 176U of the Massachusetts General Laws, and it gives the authority to the Commissioner of Insurance to promulgate regulations regarding disclosures for the sale on long term care insurance policies, policy provisions, marketing practices, filing requirements, among others. The Commissioner of Insurance issued a bulletin stating that January 1, 2013 to October 31, 2013 is a transition period in terms of general requirements of the statute and it set forth transition period rules. Further regulations are expected to be issued in late 2013.