The director shall adopt regulations regarding

1. (1) the sale of long-term care insurance that provide minimum standards for

   1. (A) terms of renewability;
   2. (B) initial and subsequent conditions of eligibility;
   3. (C) nonduplication of coverage provisions;
   4. (D) coverage of dependents;
   5. (E) benefit triggers;
   6. (F) preexisting conditions and recurrent conditions;
   7. (G) termination of insurance, including incontestability periods;
   8. (H) continuation or conversion;
   9. (I) probationary periods, limitations, exceptions, reductions, and elimination periods;
   10. (J) requirements for replacement;
   11. (K) producer training, education, compensation, and testing;
   12. (L) marketing practices;
   13. (M) independent review of benefit determinations;
   14. (N) penalties and reporting practices; and
   15. (O) premium rates, including rate filing requirements;
2. (2) standard definitions of long-term care insurance terms;
3. (3) nonforfeiture or minimum value requirements;
4. (4) consumer protection standards, including standards for full and fair disclosure setting out the manner and content of required disclosures; and
5. (5) the standard format and content of the outline of coverage required under AS 21.53.050.