Rule 20:06:21:14 Converted policy from group to individual -- Reduction of benefits -- Exception.
20:06:21:14. Converted policy from group to individual --
Reduction of benefits -- Exception. Notwithstanding any other provision of
§§ 20:06:21:09 to 20:06:21:17, inclusive, a converted policy issued to an
individual who at the time of conversion is covered by another long-term care
insurance policy which provides benefits on the basis of incurred expenses may
contain a provision which results in a reduction of benefits payable if the
benefits provided under the additional coverage, together with the full
benefits provided by the converted policy, would result in payment of more than
100 percent of incurred expenses. The provision may only be included in the
converted policy if the converted policy also provides for a premium decrease
or refund which reflects the reduction in benefits payable.
22 SDR 97, effective December 18, 1995.
Authority: SDCL 58-17B-4.
Implemented: SDCL 58-17B-5.1.
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