Bill > SB00187

This bill proposes several important changes to long-term care insurance regulations aimed at protecting consumers and increasing transparency. The legislation would require the Insurance Department to explore creating an alternative insurance pool specifically for policyholders who have maintained long-term care insurance for more than 20 years, which could help provide more stable coverage for long-standing policy holders. Additionally, the bill mandates that any proposed premium rate increases exceeding 10% must be subject to a public hearing, giving consumers and stakeholders an opportunity to provide input and scrutiny on significant rate hikes. Furthermore, the bill requires long-term care insurance companies to provide explicit, clear warnings to potential buyers about the likelihood of future premium increases, ensuring that consumers are fully informed about the potential financial risks before purchasing a policy. These provisions are designed to address concerns about unpredictable and potentially burdensome premium rate increases in long-term care insurance, which can be especially challenging for elderly policyholders on fixed incomes.

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https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00187&which_year=2025