Subdivision 1. Required report. Any time a long-term care benefit, funded through a life insurance vehicle by the acceleration of the death benefit, is in benefit payment status, a monthly report must be provided to the policyholder.
Subd. 2. Contents. The report must include the following information:
(1) long-term care benefits paid out during the month;
(2) an explanation of changes in the policy, such as death benefits or cash values, due to long-term care benefits being paid out; and
(3) the amount of long-term care benefits existing or remaining.
History: 1997 c 71 art 1 s 11
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