Life insurance disclosure requirements (R 2023-08)

The proposed rule aims to align laws and rules in Washington state due to a conflict between WAC 284-23 and RCW 48.83. Currently, life insurers can't offer life insurance policies with riders that have accelerated benefits for long-term care insurance (LTCi). This rule also requires them to disclose this prohibition. The proposed rule will allow life insurance policies to fund LTCi benefits through the acceleration of the policy’s death benefits under certain conditions (see WAC 284-23-650, RCW 48.83.010(3), 48.83.020(5)(a), and 48.83.080).