HB1060 - Long-term care insurance; rate increases, notice requirements.

1 Co-Sponsor

Long-term care insurance; rate increases; notice requirements. Requires an insurer providing long-term care insurance policies to issue a written notice to each policyholder of the insurer's filing for a rate increase with the State Corporation Commission within 60 days of making such filing. Additionally, the bill requires the insurer to (i) if the Commission denies the rate increase, issue a written notice to each policyholder of the Commission's final decision to deny the rate increase within 90 days of such decision or (ii) if the Commission approves the rate increase, issue a written notice to each policyholder of the rate increase at least 90 days before its effective date that includes certain information listed in the bill. The bill requires the Commission, in reviewing requests to increase long-term care insurance rates, to consider, to the extent practicable, how the rate increase will impact policyholders. Long-term care insurance; rate increases; notice requirements. Requires an insurer providing long-term care insurance policies to issue a written notice to each policyholder of the insurer's filing for a rate increase with the State Corporation Commission within 60 days of making such filing. Additionally, the bill requires the insurer to (i) if the Commission denies the rate increase, issue a written notice to each policyholder of the Commission's final decision to deny the rate increase within 90 days of such decision or (ii) if the Commission approves the rate increase, issue a written notice to each policyholder of the rate increase at least 90 days before its effective date that includes certain information listed in the bill. The bill requires the Commission, in reviewing requests to increase long-term care insurance rates, to consider, to the extent practicable, how the rate increase will impact policyholders.