Policy, contract, rider descriptions; plan sponsor; residency

Sec. 2.1. (a) For purposes of this chapter:

(1) a policy or contract issued on a blanket basis is a group policy or group contract;

(2) each individual insured under a policy or contract issued on a blanket basis is a certificate holder under the policy or contract; and

(3) a policy or contract issued on a franchise plan to members of a qualified group is a nongroup policy or nongroup contract.

(b) For purposes of this chapter, a benefit plan may have only one (1) plan sponsor.

(c) For purposes of this chapter, an individual who, on the applicable coverage date:

(1) is a citizen of the United States; and

(2) resides in a:

(A) foreign country; or

(B) United States possession, territory, or protectorate;

that does not have an association similar to the association created by this chapter;

is considered to be a resident of the state of domicile of the insurer that issued the policies or contracts.

(d) For purposes of this chapter, benefits provided under a long term care insurance rider to:

(1) a life insurance policy; or

(2) an annuity contract;

are considered to be the same kind of benefits as the benefits under the life insurance policy or annuity contract to which the rider benefits relate.

As added by P.L.193-2006, SEC.10. Amended by P.L.276-2013, SEC.32; P.L.208-2018, SEC.13.