§431:10H-216 - Disclosure of tax consequences. - Hawaii Statutes

     §431:10H-216  Disclosure of tax consequences.  With regard to life insurance policies that provide for an accelerated benefit for long-term care, a disclosure is required at the time of application for the policy and at the time the accelerated benefit payment request is submitted that receipt of these accelerated benefits may be taxable, and that assistance should be sought from a personal tax advisor.  The disclosure statement shall be prominently displayed on the first page of the policy and any other related documents.  This section shall not apply to qualified long-term care insurance contracts. [L 1999, c 93, pt of §2; am L 2007, c 233, §14]