33-20-128. Life insurance policy paying long-term benefits -- quarterly report. When a long-term care benefit, funded through a life insurance vehicle by the acceleration of the death benefit, is in benefit payment status, a quarterly report must be provided to the policyholder. The report must include:
     (1) the amount of long-term care benefits paid out during each month of the quarter;
     (2) an explanation of any changes in the policy, including without limitation death benefits or cash values, resulting from long-term care benefits having been paid out; and
     (3) the amount of long-term care benefits existing or remaining.

     History: En. Sec. 4, Ch. 152, L. 1991.