HB1013:

Long-term care insurance; rate increases, notice requirements.

Bill Summary:

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.