AN ACT CONCERNING LONG-TERM CARE INSURANCE.
To: (1) Require the Insurance Commissioner to develop and disseminate a minimum set of affordable benefit options for long-term care policies; (2) provide that an insurance company, fraternal benefit society, hospital service corporation, medical service corporation or health care center shall not deliver, issue, renew, continue or amend a long-term care policy in this state unless such company, society, corporation or center is authorized or licensed to sell long-term care insurance and at least one other line of insurance in this state; (3) require the Insurance Commissioner to refer an insurance company, fraternal benefit society, hospital service corporation, medical service corporation or health care center that files a rate filing for a long-term care policy that contains a deliberate or reckless misstatement or omission of fact to the Attorney General for investigation; (4) provide that an insurance company, fraternal benefit society, hospital service corporation, medical service corporation or health care center that files a rate filing for a long-term care policy that seeks an increase of twenty per cent or more and spreads such increase over a period of not less than three years shall not file a rate filing for an increase in premium rates for the long-term care policy during said period; (5) require an insurance company, fraternal benefit society, hospital service corporation, medical service corporation or health care center that files a rate filing for a long-term care policy to disclose to insureds the minimum set of affordable benefit options developed by the Insurance Commissioner; and (6) authorize the Attorney General to investigate a rate filing referred to the Attorney General by the Insurance Commissioner and take action to protect and secure compensation for the insured under the long-term care policy that is the subject of such rate filing.
Introduced by:
Insurance and Real Estate Committee
