In addition to the definitions provided in Arkansas Code § 23-97-304, the following definitions shall apply for purposes of this part:

1. (1) “Commissioner” means the Insurance Commissioner;
2. (2) “Consumer price index” means the Consumer Price Index for All Urban Consumers, United States city average, and all items, as determined by the United States Bureau of Labor Statistics;
3. (3) “Federal Long-Term Care Partnership Program” means the Long-Term Care Partnership Program as authorized under Section 6021 of the Deficit Reduction Act of 2005, which amended Section 1917(b) of the federal Social Security Act to provide for qualified state long-term care insurance partnership programs;

4. (4)

   1. (A) “Inflation protection benefit” means a feature that increases benefit levels annually:

      1. (i) By compounding annually at a stated rate of not less than three percent (3%) for ages less than sixty-one (61) and by annual simple interest at a stated rate of not less than three percent (3%) for ages sixty-one (61) through seventy-five (75); or
      2. (ii) Based on changes to the consumer price index.
   2. (B) Future guaranteed purchase options do not meet this definition;
5. (5) “Insurer” or “issuer” means an entity authorized to issue long-term care insurance under Arkansas Code § 23-97-304(7)(C);
6. (6) “Partnership-qualified long-term care insurance policy” means a long-term care insurance policy that meets all of the requirements of 23 CAR § 125-104;
7. (7) “Rule 13” means Long-Term Care Insurance, 23 CAR pt. 84; and
8. (8) “Secretary” means the United States Secretary of Health and Human Services.

Codification Notes: The Deficit Reduction Act of 2005 was enacted as Pub. L. No. 109-171.