Bill > SB00184

This bill proposes establishing a "Know Your Customer" requirement for long-term care insurance products to enhance consumer protection and transparency. The bill aims to ensure fair dealing with clients by mandating that insurance providers thoroughly assess the suitability of long-term care insurance policies for prospective customers based on individual factors such as age, socioeconomic status, and risk profile. Before initiating coverage, insurers must implement a comprehensive, multi-step educational process that clearly explains the policy details, potential premium volatility, and the policyholder's options for cancellation. Additionally, the bill introduces a tax credit incentive for individuals who purchase long-term care insurance, which is designed to encourage more people to invest in this type of coverage. The overall goal is to protect consumers in the long-term care insurance market by promoting transparency, ensuring policy appropriateness, and providing financial incentives for obtaining such insurance.

Business and Industry

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00184&which_year=2025