Rule 20:06:21:02.01 Annuity policies with long-term care benefits subject to waiting period.
20:06:21:02.01. Annuity policies with long-term care benefits
subject to waiting period. An annuity policy that provides long-term care
benefits may contain a waiting period before long-term care benefits are
payable in addition to an elimination period. The waiting period may not exceed
two years and may only be issued to applicants who are determined to be able to
self fund the long-term care benefit during the waiting period pursuant to
suitability guidelines as approved by the director. Any waiting periods or any
other limitations on the use of annuity proceeds to fund long-term care must be
prominently disclosed in advertising and solicitation materials.
34 SDR 88, effective September 10, 2007.
Authority: SDCL 58-17B-4.
Implemented: SDCL 58-17B-4.
Back to 20:06:21