Section R590-285-18 - Suitability(1) An insurer marketing limited long-term care insurance shall:(a) develop and use suitability standards and procedures to determine whether the purchase or replacement of limited long-term care insurance is appropriate for the needs of the applicant;(b) include in its suitability standards and procedures:(i) consideration of the advantages and disadvantages of insurance to meet the needs of the applicant; and(ii) discussion with applicants of how the benefits and costs of limited long-term care insurance compare with long-term care insurance;(c) train its producers in its suitability standards and procedures; and(d) maintain a copy of its suitability standards and procedures and make them available for inspection upon request by the commissioner.(2) If the issuer determines that the applicant does not meet its financial suitability standards, or if the applicant has declined to provide the information, the issuer may reject the application. However, if the applicant has declined to provide financial information, the issuer may use some other method to verify the applicant's intent. Either the applicant's returned letter or a record of the alternative method of verification shall be made part of the applicant's file.Utah Admin. Code R590-285-18
Adopted by Utah State Bulletin Number 2021-05, effective 2/23/2021