Connecticut 2015 Regular Session

Connecticut Senate Bill SB00853 Compare Versions

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1-General Assembly Substitute Bill No. 853
2-January Session, 2015 *_____SB00853BA____040815____*
1+General Assembly Raised Bill No. 853
2+January Session, 2015 LCO No. 2933
3+ *_____SB00853INS___022515____*
4+Referred to Committee on INSURANCE AND REAL ESTATE
5+Introduced by:
6+(INS)
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48 General Assembly
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6-Substitute Bill No. 853
10+Raised Bill No. 853
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812 January Session, 2015
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10-*_____SB00853BA____040815____*
14+LCO No. 2933
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16+*_____SB00853INS___022515____*
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18+Referred to Committee on INSURANCE AND REAL ESTATE
19+
20+Introduced by:
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22+(INS)
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1224 AN ACT CONCERNING ACCELERATED BENEFITS OF LIFE INSURANCE POLICIES.
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1426 Be it enacted by the Senate and House of Representatives in General Assembly convened:
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1628 Section 1. Subsection (a) of section 38a-457 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
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1830 (a) As used in this section:
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2032 (1) "Accelerated benefits" means benefits payable under a life insurance policy sold in this state: (A) During the lifetime of the insured, in a lump sum or in periodic payments, as specified in the policy, (B) upon the occurrence of a qualifying event, as defined in the policy, and certified by a physician or an advanced practice registered nurse who is licensed under the laws of a state or territory of the United States, or such other foreign or domestic jurisdiction as the Insurance Commissioner may approve, and (C) [which] that reduce the death benefits otherwise payable under the life insurance policy.
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2234 (2) "Insurance policy" or "policy" means an insurance policy or certificate or rider or endorsement thereto.
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24-(3) "Qualifying event" means (A) a medically determinable condition suffered by the insured that can be expected to result in death in a relatively short period of time, such as twelve months and may include, but is not limited to, coronary artery disease, myocardial infarction, stroke, kidney failure or liver disease, (B) a medical condition that would, in the absence of extensive or extraordinary medical treatment, result in death in a relatively short period of time, such as twelve months, or (C) a medically determinable condition suffered by the insured [, which] that has resulted in the insured being considered a chronically ill individual for the purposes of Section 101(g) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, and which has caused the insured to be confined for at least six months in such insured's place of residence or in an institution that provides necessary care or treatment of an injury, illness or loss of functional capacity, and for which it has been medically determined that such insured is expected to remain confined in such place of residence or institution until death.
36+(3) "Qualifying event" means (A) a medically determinable condition suffered by the insured that can be expected to result in death in a relatively short period of time, such as twelve months and may include, but is not limited to, coronary artery disease, myocardial infarction, stroke, kidney failure or liver disease, (B) a medical condition that would, in the absence of extensive or extraordinary medical treatment, result in death in a relatively short period of time, such as twelve months, or (C) a medically determinable condition suffered by the insured [, which] that has resulted in the insured being considered [a] chronically ill, [individual for the purposes of Section 101(g) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, and which has caused the insured to be confined for at least six months in such insured's place of residence or in an institution that provides necessary care or treatment of an injury, illness or loss of functional capacity, and for which it has been medically determined that such insured is expected to remain confined in such place of residence or institution until death] as defined in section 38a-465.
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2941 This act shall take effect as follows and shall amend the following sections:
3042 Section 1 October 1, 2015 38a-457(a)
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3244 This act shall take effect as follows and shall amend the following sections:
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3446 Section 1
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3648 October 1, 2015
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3850 38a-457(a)
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42-BA Joint Favorable Subst.
54+INS Joint Favorable
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44-BA
56+INS
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46-Joint Favorable Subst.
58+Joint Favorable