(1) WAC 284-83-210
do not apply to life insurance policies that accelerate benefits for long-term care.
(2) A life insurance policy that funds long-term care benefits entirely by accelerating the death benefit is considered to provide reasonable benefits in relation to premiums paid, if the policy complies with all of the following provisions:
(a) The interest credited internally to determine cash value accumulations, including long-term care, if any, are guaranteed not to be less than the minimum guaranteed interest rate for cash value accumulations without long-term care set forth in the policy;
(b) The portion of the policy that provides life insurance benefits meets the nonforfeiture requirements of chapter 48.76
(d) Any policy illustration that meets the applicable requirements of the chapter 48.23A
(e) An actuarial memorandum is filed with the insurance department that includes:
(i) A description of the basis on which the long-term care rates were determined;
(ii) A description of the basis for the reserves;
(iii) A summary of the type of policy, benefits, renewability, general marketing method, and limits on ages of issuance;
(iv) A description and a table of each actuarial assumption used. For expenses, the issuer must include percent of premium dollars per policy and dollars per unit of benefits, if any;
(v) A description and a table of the anticipated policy reserves and additional reserves to be held in each future year for active lives;
(vi) The estimated average annual premium per policy and the average issue age;
(vii) A statement as to whether underwriting is performed at the time of application. The statement must indicate whether underwriting is used and, if used, the statement must include a description of the type or types of underwriting used, such as medical underwriting or functional assessment underwriting. Concerning a group policy, the statement must indicate whether the enrollee or any dependent will be underwritten and when underwriting occurs; and
(viii) A description of the effect of the long-term care policy provision on the required premiums, nonforfeiture values and reserves on the underlying life insurance policy, both for active lives and those in long-term care claim status.