Bill > SB610

This bill makes several changes to long-term care insurance regulations, including relocating a provision about the insurance commissioner's authority to set standards for how much insurers must pay out in claims (loss ratio standards) for long-term care policies. It also allows the commissioner to approve new, innovative types of short or long-term care insurance policies and their rates, as long as they are in the public's best interest and the benefits are reasonable for the cost. The bill revises the reasons an insurance form can be rejected, allowing for disapproval if benefits are unreasonable for the premium, if the form is misleading, or if it doesn't follow the law. Crucially, for long-term care insurance, the bill requires the commissioner to hold a public hearing and allow public comment before approving or denying any form or rate increase, and the commissioner can choose to make these filings public during the hearing process.