Okla. Stat. tit. 36, § 36-4400
This is the official text of Okla. Stat. tit. 36, § 36-4400, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Criteria for inflation protection coverage
Official statutory text
A. In accordance with Section 6021 of the Deficit Reduction Act
of 2005 (P.L. 109-171) and any applicable provision relating to the
Oklahoma Long-Term Care Insurance Partnership Program, any policy
intended to meet the requirements under such Program must meet the
following criteria for inflation protection coverage:
1. For a person who is less than sixty-one (61) years of age as
of the date of purchase of the Partnership policy, such policy
provides annual inflation protection of at least three percent (3%)
per year compounded annually or a rate, compounded annually, that is
based upon changes in the consumer price index;
2. For a person who is at least sixty-one (61) years of age but
less than seventy-six (76) years of age as of the date of purchase
of the Partnership policy, such policy provides annual inflation
protection of at least three percent (3%) simple or a rate that is
based on the annual consumer price index;
3. For a person who is at least seventy-six (76) years of age
as of the date of purchase of the Partnership policy, such policy
may provide inflation protection.
B. Persons who purchase a Partnership policy that meets the
inflation protection criteria in subsection A of this section may
adjust their inflation protection as they age. Their policies will
maintain Partnership status as long as the inflation protection
continues to meet the minimum requirements for their attained age.
C. For the purposes of this section, "consumer price index"
means the consumer price index for all urban consumers as determined
by the Bureau of Labor Statistics within the United States
Department of Labor. The Insurance Commissioner may approve an
alternative index to be used in place of the consumer price index or
alternative inflation protection programs developed by the insurer
if the Commissioner deems that such programs would meet the intent
of this section.
of 2005 (P.L. 109-171) and any applicable provision relating to the
Oklahoma Long-Term Care Insurance Partnership Program, any policy
intended to meet the requirements under such Program must meet the
following criteria for inflation protection coverage:
1. For a person who is less than sixty-one (61) years of age as
of the date of purchase of the Partnership policy, such policy
provides annual inflation protection of at least three percent (3%)
per year compounded annually or a rate, compounded annually, that is
based upon changes in the consumer price index;
2. For a person who is at least sixty-one (61) years of age but
less than seventy-six (76) years of age as of the date of purchase
of the Partnership policy, such policy provides annual inflation
protection of at least three percent (3%) simple or a rate that is
based on the annual consumer price index;
3. For a person who is at least seventy-six (76) years of age
as of the date of purchase of the Partnership policy, such policy
may provide inflation protection.
B. Persons who purchase a Partnership policy that meets the
inflation protection criteria in subsection A of this section may
adjust their inflation protection as they age. Their policies will
maintain Partnership status as long as the inflation protection
continues to meet the minimum requirements for their attained age.
C. For the purposes of this section, "consumer price index"
means the consumer price index for all urban consumers as determined
by the Bureau of Labor Statistics within the United States
Department of Labor. The Insurance Commissioner may approve an
alternative index to be used in place of the consumer price index or
alternative inflation protection programs developed by the insurer
if the Commissioner deems that such programs would meet the intent
of this section.
Status: in_force · Read it on the official government site
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