2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 514G - LONG=TERM CARE INSURANCE ACT
514G.107 - NONFORFEITURE BENEFITS.

        514G.107  NONFORFEITURE BENEFITS.
         1.  Except as otherwise provided in subsection 2, a long-term care
      insurance policy or certificate shall not be delivered or issued for
      delivery in this state unless the policyholder or certificate holder
      has been offered the option of purchasing a policy or certificate
      that includes a nonforfeiture benefit.  A nonforfeiture benefit may
      be offered in the form of a rider that is attached to the policy or
      certificate.  If the policyholder or certificate holder declines the
      nonforfeiture benefit, the insurer shall provide a contingent benefit
      upon lapse that is available for a specified period of time following
      a substantial increase in premium rates.
         2.  When a group long-term care insurance policy or certificate is
      delivered or issued for delivery in this state, an offer of benefits
      shall be made to the group policyholder that meets the requirements
      of subsection 1.  However, if the policy is delivered or issued for
      delivery to a group as described in section 514G.103, subsection 9,
      paragraph "d", that is not a continuing care retirement community
      or other similar entity, the offer of benefits shall be made to each
      proposed certificate holder.
         3.  The commissioner shall, by rule, specify the type or types of
      nonforfeiture benefits to be offered as part of long-term care
      insurance policies and certificates, the standards for such
      nonforfeiture benefits, and the standards for contingent benefit upon
      lapse including a specified period of time during which a contingent
      benefit upon lapse will be available and what constitutes a
      substantial premium rate increase that will trigger a contingent
      benefit upon lapse as provided in subsection 1.  

         2008 Acts, ch 1175, §8