(a) The Commissioner shall adopt rules establishing standards for full and fair disclosure of the terms of a long-term care insurance policy.

(b) The disclosure standards established under subsection (a) of this section shall include provisions setting forth the manner, content, and required disclosures for the sale of long-term care insurance policies, terms of renewability, initial and subsequent conditions of eligibility, nonduplication of coverage provisions, coverage of dependents, preexisting conditions, termination of insurance, continuation, conversion, probationary periods, limitations, exceptions, reductions, elimination periods, requirements for replacement, recurrent conditions, and definitions of terms. (Added 2003, No. 124 (Adj. Sess.), § 2, eff. Jan. 1, 2005.)