20:06:21:48. Monthly report to policyholder. If a long-term care benefit funded through a life insurance vehicle by the acceleration of the death benefit is in benefit payment status, the insurer must provide a monthly report to the policyholder. The report must include:
(1) Any long-term care benefits paid out during the month;
(2) An explanation of any changes in the policy, e.g., death benefits or cash values, caused by long-term care benefits being paid out; and
(3) The amount of long-term care benefits existing or remaining.
Source: 23 SDR 55, effective October 20, 1996.
General Authority: SDCL 58-17B-4.
Law Implemented: SDCL 58-17B-4.
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