If a long-term care benefit funded through a life insurance vehicle by the acceleration of the death benefit is in benefit payment status, the insurer must provide a monthly report to the policyholder. The report must include:

1. (1) Any long-term care benefits paid out during the month;
2. (2) An explanation of any changes in the policy, e.g., death benefits or cash values, caused by long-term care benefits being paid out; and
3. (3) The amount of long-term care benefits existing or remaining.

Source: 23 SDR 55, effective October 20, 1996.

General Authority: SDCL 58-17B-4 .

Law Implemented: SDCL 58-17B-4 .