P.R. Laws tit. 26, § 10259
(a) The following requirements related to the sale, soliciting or negotiating long-term care insurance shall be met:
(1) An individual may not sell, solicit or negotiate long-term care insurance unless the individual has an insurance producer license which authorizes him/her to underwrite disability insurance and has completed the required training course. The training shall meet the requirements set forth in subsection (b) of this section.
(2) An individual already licensed and selling, soliciting or negotiating long-term care insurance on the effective date of this chapter may not continue to sell, solicit or negotiate long-term care insurance unless the individual has completed the required training course as set forth in subsection (b) of this section, within one (1) year from the effective date of this chapter.
(3) In addition to the training course required in clauses (1) and (2) of this subsection, an individual who sells, solicits or negotiates long-term care insurance shall complete ongoing training as set forth in subsection (b) of this section.
(4) The training requirements of subsection (b) of this section may be approved as continuing education courses under Rule 52 of the Insurance Code of Puerto Rico Regulations.
(b) The training required by this section shall be not less than eight (8) hours and the ongoing training required by this section shall be not less than four (4) hours every twenty-four (24) months.
The training shall consist of topics related to long-term care insurance, long-term care services and, if applicable, qualified state long-term care insurance partnership programs, including, but not limited to:
(1) Commonwealth and federal regulations and requirements and the relationship between qualified state long-term care insurance partnership programs and other public and private coverage of long-term care services, including Medicaid;
(2) available long-term services and providers;
(3) changes or improvements in long-term care services or providers;
(4) alternatives to the purchase of private long-term care insurance;
(5) the effect of inflation on benefits and the importance of inflation protection, and
(6) consumer suitability standards and guidelines.
The training required by this section shall not include training that is issuer or company product specific or that includes any sales or marketing information, materials, or training, other than those required by Commonwealth or federal law.
(c) Issuers subject to this chapter shall obtain verification that a producer receives training required by this section before a producer is permitted to sell, solicit or negotiate the issuer’s long-term care insurance products, maintain records subject to the Commonwealth’s record retention requirements, and make that verification available to the Commissioner upon request. Issuers subject to this chapter shall maintain records with respect to the training of its producers concerning the distribution of its partnership policies, if applicable, that will allow the Commissioner to provide assurance to the state Medicaid agency that producers have received the training described in this section and that producers have demonstrated an understanding of the partnership policies, if applicable, and their relationship to public and private coverage of long-term care, including Medicaid, in Puerto Rico. These records shall be maintained in accordance with the Commonwealth’s retention requirements and shall be made available to the Commissioner upon request.
(d) The satisfaction of these training requirements in any state shall be deemed to satisfy the training requirements in Puerto Rico.
History —Aug. 29, 2011, No. 194, § 66.090, eff. 180 days after Aug. 29, 2011.