Subd. 1. Guaranteed renewable.

A qualified long-term care insurance policy must be guaranteed renewable.

Subd. 2. Terms.

The terms "guaranteed renewable" and "noncancelable" may not be used in an individual long-term care insurance policy without further explanatory language that complies with the disclosure requirements of section 62S.20.

Subd. 3. Authorized renewal provisions.

A policy issued to an individual may not contain renewal provisions other than guaranteed renewable or noncancelable.