Long-term care insurance; rate increases; notice requirements. (HB1013)

Introduced By

Del. Kathy Tran (D-Springfield)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Long-term care insurance; rate increases; notice requirements. Requires an insurer of long-term care insurance policies to notify its customers and applicants in writing of the insurer's filing for a rate increase with the State Corporation Commission within 60 days of making such filing. Under the bill, if the Commission has approved a rate increase, an insurer of long-term care insurance policies must notify its customers and applicants in writing of the rate increase at least 90 days before the effective date of the rate increase. The bill includes several requirements for each of these notices, requires the Commission to consider the public interest in approving any such rate increase, and prohibits using a rate increase to pay for losses incurred by an insurance company or its shareholders or to pay shareholder dividends. Read the Bill »

Status

01/12/2022: In Committee

History

DateAction
01/12/2022Prefiled and ordered printed; offered 01/12/22 22103223D
01/12/2022Committee

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