summary
Introduced
01/22/2019
01/22/2019
In Committee
07/23/2020
07/23/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation relative to long-term care insurance consumer protections. Financial Services.
AI Summary
This bill aims to introduce new consumer protections for long-term care insurance in Massachusetts. It requires long-term care insurance policies entered into on or after January 1, 2012 to have a loss ratio (the amount of premiums paid out in claims) between 80% and 90%, and caps premium increases at 20% over the life of the policy. The bill also requires insurance companies to file rate increase requests with the Division of Insurance, the Office of the Attorney General, and to provide notice to policyholders. Additionally, the bill removes the commissioner's discretion to decide whether to allow the Attorney General to participate in rate increase proceedings.
Committee Categories
Business and Industry, Health and Social Services
Sponsors (2)
Last Action
Ought NOT to pass (under Joint Rule 10) and placed in the Orders of the Day for the next session (on 07/23/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/S591 |
| Bill | https://malegislature.gov/Bills/191/S591.pdf |
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