HRS §431:10H-304
Labeling long-term care policies for tax benefits
This section requires insurance companies to clearly label long-term care policies on the first page, the outline, and the application. The label must say whether the policy is intended to be federally qualified and may give tax benefits, or is not intended to be qualified and will not give tax benefits.
The statute, as written — Disclosure of qualification for tax benefits
(a) Every policy that is intended to be a qualified long-term care insurance contract as provided in the federal Health Insurance Portability and Accountability Act of 1996, P.L. 104-191, as amended, shall be identified as such by prominently displaying and printing on page one of the policy form and the outline of coverage and in the application the following words: "This contract for long-term care insurance is intended to be a federally qualified long-term care insurance contract and may qualify you for federal and state tax benefits." (b) Every policy that is not intended to be a qualified long-term care insurance contract as provided in the federal Health Insurance Portability and Accountability Act of 1996, P.L. 104-191, as amended, shall be identified as such by prominently displaying and printing on page one of the policy form and the outline of coverage and in the application the following words: "This contract for long-term care insurance is not intended to be a federally qualified long-term care insurance contract and is not intended to qualify you for federal and state tax benefits."
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