The department of business regulation shall pre-certify long-term care insurance policies that meet all other applicable requirements imposed by this chapter and that:

(1)  Offer the option of home and community based services in addition to nursing home care;

(2)  In all home care plans, include case management services which services shall include, but need not be limited to, the development of a comprehensive individualized assessment and care plan and, as needed, the coordination of appropriate services and the monitoring of the delivery of those services;

(3)  Provide inflation protection;

(4)  Provide for the keeping of records and an explanation of benefit reports on insurance payments that count toward Medicaid resource exclusion; and

(5)  Provide the management information and reports necessary to document the extent of Medicaid resources protection offered and to evaluate the Rhode Island partnership for long-term care. No policy shall be precertified if it requires prior hospitalization or a prior stay in a nursing home as a condition of providing benefits. The department of business regulation may adopt regulations to carry out the precertification provisions of this section.