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2023 SESSION

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HB 2215 Long-term care insurance; rate increases, notice requirements.

Introduced by: Kathy K.L. Tran | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Long-term care insurance; rate increases; notice requirements. Requires an insurer of 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 or (ii) if the Commission approves the rate increase, issue a written notice to policyholders of the rate increase at least 90 days before its effective date that includes certain information. The bill requires the Commission to consider, to the extent practicable, how the rate increase will impact policyholders in reviewing requests to increase long-term care insurance rates.


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