1. An annuity or policy of life insurance may incorporate long-term care insurance if:
(a) The long-term care insurance incorporated into the annuity or policy of life insurance complies with regulations adopted by the Commissioner.
(b) The Commissioner approves the incorporation of long-term care insurance into the annuity or policy of life insurance.
2. The Commissioner shall adopt regulations that define “long-term care insurance” for the purposes of this section.