by John Darer® CLU ChFC CSSC RSP
The New York Insurance Department's Office of General Counsel has answered a question that could prove important for holders of Long Term Care Insurance policies in New York.
The question:
"Would a NY resident insured under an individual long-term care policy purchased in New York, with a maximum lifetime value of $393,000, be protected under LICGC (of New York) if the insurer becomes insolvent either before or after the insured enters a long-term care facility?"
The answer can be found at this link http://www.dfs.ny.gov/insurance/ogco2009/rg090413.htm
NOTICE: New York State Insurance law prohibits the use of the LICGC in the sales or solicitation of insurance. This is not a solicitation. The above is commentary being provided expressly and solely for the education of other settlement planners, financial planners and lawyers. The above link leads to New York Insurance Department published statements and none of the material is not intended, nor may it be used by anyone in the sales or solicitation of insurance.
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