Bill > SB00452

This bill introduces several consumer protection measures for long-term care insurance policyholders. It establishes a four-year moratorium on premium rate increases, preventing insurance companies from raising rates during this period. The bill requires the Insurance Department to conduct public hearings for any long-term care insurance premium rate increase requests that exceed 5%. Additionally, it creates a personal income tax deduction for individual policyholders whose premium rates increase by more than 5% in a given tax year. The bill also establishes a task force to comprehensively study the long-term care insurance industry, examining issues such as premium costs and exploring alternative policy structures, including the potential for state-funded insurance pools. The primary goal of these provisions is to improve the affordability and coverage of long-term care insurance for consumers, addressing concerns about rising costs and limited options in the insurance market. By implementing these measures, the bill aims to provide financial relief and greater transparency for long-term care insurance policyholders.

Business and Industry

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00452&which_year=2025