Any long-term care insurance policy or certificate providing benefits for confinement to a nursing home must be guaranteed renewable for life. For purposes of this section, “guaranteed renewable for life” means the insured has the right to continue the policy in force for life subject to the policy’s terms by the timely payment of premiums during which the insurer has no right to make unilaterally any change in any provision of the policy while the policy is in force. The insurer may, however, in accordance with the provisions of the policy, make changes in premium rates as to all insureds who are placed in the same class for purposes of rate determination in the process of issuance of the policy or making it guaranteed renewable.

A policy or certificate of insurance providing benefits for confinement to a nursing home which is sold to a consumer in addition to another nursing home policy or which is sold to a consumer to replace such a policy may not contain any provision limiting payment of benefits due to pre-existing conditions of the insured except if there is any time period remaining relating to the exclusion of coverage for pre-existing conditions as specified in the underlying policy that the remaining waiting period for coverage of pre-existing conditions shall apply to the new policy unless the policy otherwise provides.