R590. Insurance, Administration.R590-161. Income Replacement Insurance Policy Disclosure.
R590-161-1. Authority.
This rule is promulgated by the commissioner pursuant to Section 31A-2-201.
R590-161-2. Purpose and Scope.
(1) The purpose of this rule is to require that an insurer providing an income replacement insurance policy give notice to each insured regarding reduction of benefit provisions.
(2) This rule applies to an insurer that provides an income replacement insurance policy.
R590-161-3. Definition.
Terms used in this rule are defined in Section 31A-1-301.
R590-161-4. Rule.
Unless the reduction is clearly explained in the outline of coverage, the group certificate, and the policy, the amount of benefit payable by an insurer under an income replacement insurance policy may not be reduced by any:
(1) worker's compensation benefit paid to the insured;
(2) social security benefit paid to the insured; or
(3) other amount the insured has received, or is entitled to receive by law or contract, including any other income replacement insurance policy.
R590-161-5. Severability.
If any provision of this rule, Rule R590-161, or its application to any person or situation is held invalid, such invalidity does not affect any other provision or application of this rule that can be given effect without the invalid provision or application. The remainder of this rule shall be given effect without the invalid provision or application.
KEY: insurance
Date of Last Change: December 9, 2021
Notice of Continuation: September 15, 2023
Authorizing, and Implemented or Interpreted Law: 31A-2-201
