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Rule 20:06:21:77 Long-term care partnership policies -- Required policy disclosures.

          20:06:21:77.  Long-term care partnership policies -- Required policy disclosures. A policy, certificate, or contract designed or marketed as a long-term care partnership policy must prominently disclose on the schedule page the following:

 

          (1)  The [policy, certificate, or contract] is intended to meet the standards for the long-term care partnership program in this state;

 

          (2)  Nothing in this [policy, certificate, or contract] is a guarantee of Medicaid eligibility nor is it a guarantee of any ability to disregard assets for purposes of Medicaid eligibility. This notice is required by the State of South Dakota.

 

          Any policy, certificate, or contract that is not designed or marketed as a long-term care partnership policy must prominently disclose that it is not a long-term care partnership policy. The disclosures required by this section must also be included in a separate disclosure document. Appendix K is a sample of an acceptable disclosure document.

 

          Source: 33 SDR 230, effective July 2, 2007.

          General Authority: SDCL 28-6-38, 58-17B-2, 58-17B-4.

          Law Implemented: SDCL 28-6-38, 58-17B-4.

 


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