23 CAR § 86-306. Disability income protection coverage

(a) "Disability income protection coverage" is a policy that provides for periodic payments, weekly or monthly, for a specified period during the continuance of disability resulting from either sickness or injury or a combination thereof that: (1) Provides that periodic payments that are payable at ages after sixty-two (62) and reduced solely on the basis of age are at least fifty percent (50%) of the amounts payable immediately prior to sixty-two (62); (2) Contains an elimination period no greater than: (A) Ninety (90) days in the case of a coverage providing a benefit of one (1) year or less; (B) One hundred eighty (180) days in the case of coverage providing a benefit of more than one (1) year but not greater than two (2) years; or (C) Three hundred sixty-five (365) days in all other cases during the continuance of disability resulting from sickness or injury; and (3) Has a maximum period of time for which it is payable during disability of at least six (6) months, except in the case of a policy covering disability arising out of normal pregnancy or childbirth in which case the period for such disability may be one (1) month. (b)(1) No reduction in benefits shall be put into effect because of an increase in Social Security or similar benefits during a benefit period. (2) This section does not apply to those policies providing business buyout coverage.