(1) The commissioner may by rule adopt standards for full and fair disclosure, setting forth the manner, content, and disclosures required to be made in a long-term care insurance policy, including but not limited to:
(a) terms of renewability;
(b) initial and subsequent conditions of eligibility;
(c) nonduplication of coverage provisions;
(d) coverage of dependents;
(e) preexisting conditions;
(f) termination of insurance;
(g) continuation or conversion;
(h) probationary periods;
(i) limitations;
(j) exceptions;
(k) reductions;
(l) elimination periods;
(m) requirements for replacement;
(n) recurrent conditions;
(o) definition of terms;
(p) prohibitions on limitations and exclusions;
(q) extension of benefits;
(r) discontinuance and replacement of policies;
(s) unintentional lapse;
(t) prohibitions against postclaim underwriting;
(u) minimum standards for home health and community care benefits;
(v) inflation protection;
(w) incontestability period; and
(x) tax consequences.
(2) A group long-term care insurance policy must include a provision relating to conversion on termination of eligibility as described in 33-22-508 or include a provision for continuation of coverage that maintains coverage under the existing group policy if the coverage would otherwise terminate.