Long-Term Care Insurance Standards Act of 1991

Summary

Long-Term Care Insurance Standards Act of 1991 - Title I: Excise Tax on Nonconforming Long-Term Care Insurance Policies - Amends the Internal Revenue Code to impose an excise tax on long-term care insurance policies that do not conform to Federal standards established under title II of this Act. Requires such tax, equal to 50 percent of the premium, to be paid by the policy issuer. Title II: Federal Standards for Long-Term Care Insurance Policies - Amends the Social Security Act to add a new title XXI under which the Secretary of Health and Human Services is required to establish, review annually, and revise as necessary Federal standards for long-term (12 months or longer) care insurance policies that incorporate specified requirements relating to: (1) consumer disclosure; (2) benefits and eligibility, including restrictions on inflation adjustments and policy forfeiture; (3) premium increase limitations and policy renewability, conversion, and replacement; (4) policy issuance and sale, including prohibitions against the sale or issuance of a policy to a beneficiary under Medicaid or under Medicare (titles XIX and XVIII, respectively, of the Social Security Act) or a Medicare supplemental policy if benefits are duplicated; and (5) issuer reporting of information on policies, premiums, lapse rates, and denials of applicants and claims. Directs the Secretary to establish a procedure for certifying long-term care insurance policies as meeting Federal standards. Deems a policy issued in and approved by a State to be certified if (and for so long as) the Secretary determines that the State has en effective regulatory program that applies and enforces the Federal standards.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 20 November 1991

  Open at official source

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