Sec. 3. As used in this chapter, "qualified long term care insurance policy" means an insurance policy that meets the following requirements:
(1) The policy covers an individual who was a resident of the state when the coverage first became effective under the policy.
(2) The policy was not issued before the effective date of the state plan amendment applied for under IC 12-15-1.3-22.
(3) The policy meets the definition of a qualified long term care insurance contract under 26 U.S.C. 7702B.
(4) The policy meets the model regulations and requirements of the model act of the National Association of Insurance Commissioners provided in 42 U.S.C. 1396p(b)(5).
(5) The policy includes inflation protection as follows:
(A) If the policy is sold to an individual who was less than sixty-one (61) years of age as of the date of purchase, the policy must provide compound inflation protection.
(B) If the policy is sold to an individual who was at least sixty-one (61) years of age but less than seventy-six (76) years of age as of the date of purchase, the policy must provide some level of inflation protection.
(C) If the policy is sold to an individual who is at least seventy-six (76) years of age, the policy may, but is not required to, provide some level of inflation protection.
(6) The department of insurance certifies that the policy meets the requirements of subdivisions (3), (4), and (5).
As added by P.L.196-2021, SEC.6.