N.M. Admin. Code § 13.10.15.16

Current through Register Vol. 35, No. 21, November 5, 2024

Section 13.10.15.16 - LIMITATIONS ON PREMIUM RATE INCREASES

A. The initial premium charged an insured covered by a long-term care policy shall not increase during the initial three (3) years in which the policy is in force.

B. The premium charged to an insured shall not increase due to either:

(1) the increasing age of the insured at ages beyond sixty-five (65); or

(2) the duration the insured has been covered under the policy.

C. The purchase of additional coverage shall not be considered a premium rate increase, but for purposes of the calculation required under 13.10.15.43 NMAC, the portion of the premium attributable to the additional coverage shall be added to and considered part of the initial annual premium.

D. A reduction in benefits shall not be considered a premium change, but for purpose of the calculation required under 13.10.15.43 NMAC, the initial annual premium shall be based on the reduced benefits.

N.M. Admin. Code § 13.10.15.16

1-1-99; 13.10.15.16 NMAC - Rn, 13 NMAC 10.15.16, 1-1-04