Connecticut 2019 Regular Session

Connecticut House Bill HB07264 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	LCO 4537 \\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07264-R01-
4		-	HB.docx
5		-	1 of 2
	3	+	LCO No. 4537 1 of 2
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7	5		General Assembly Raised Bill No. 7264
8	6		January Session, 2019
9	7		LCO No. 4537
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11	9
12		-	Referred to Committee on INSURANCE AND REAL
13		-	ESTATE
	10	+	Referred to Committee on INSURANCE AND REAL ESTATE
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15	12
16	13		Introduced by:
17	14		(INS)
	15	+
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21	19		AN ACT CONCERNING LO NG-TERM CARE INSURANCE PREMIUM
22	20		RATE INCREASES.
23	21		Be it enacted by the Senate and House of Representatives in General
24	22		Assembly convened:
25	23
26	24		Section 1. Subparagraph (A) of subdivision (2) of subsection (b) of 1
27	25		section 38a-501 of the general statutes is repealed and the following is 2
28	26		substituted in lieu thereof (Effective October 1, 2019): 3
29	27		(2) (A) Any insurance company, fraternal benefit society, hospital 4
30	28		service corporation, medical service corporation or health care center 5
31	29		that files a rate filing for an increase in premium rates for a long-term 6
32	30		care policy that is for twenty per cent or more shall spread the increase 7
33	31		over a period of not less than (i) three years for a rate filed prior to 8
34	32		October 1, 2019, and (ii) five years for a rate filed on or after October 1, 9
35	33		2019. Such company, society, corporation or center shall use a periodic 10
36	34		rate increase that is actuarially equivalent to a single rate increase and 11
37	35		a current interest rate for the period chosen. 12
38	36		Sec. 2. Subparagraph (A) of subdivision (2) of subsection (b) of 13
39	37		section 38a-528 of the general statutes is repealed and the following is 14 Raised Bill No. 7264
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42		-	LCO 4537 {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07264-
43		-	R01-HB.docx }
44		-	2 of 2
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	41	+	LCO No. 4537 2 of 2
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46	43		substituted in lieu thereof (Effective October 1, 2019): 15
47	44		(2) (A) Any insurance company, fraternal benefit society, hospital 16
48	45		service corporation, medical service corporation or health care center 17
49	46		that files a rate filing for an increase in premium rates for a long-term 18
50	47		care policy that is for twenty per cent or more shall spread the increase 19
51	48		over a period of not less than (i) three years for a rate filed prior to 20
52	49		October 1, 2019, and (ii) five years for a rate filed on or after October 1, 21
53	50		2019. Such company, society, corporation or center shall use a periodic 22
54	51		rate increase that is actuarially equivalent to a single rate increase and 23
55	52		a current interest rate for the period chosen. 24
56	53		This act shall take effect as follows and shall amend the following
57	54		sections:
58	55
59	56		Section 1 October 1, 2019 38a-501(b)(2)(A)
60	57		Sec. 2 October 1, 2019 38a-528(b)(2)(A)
61	58
62		-	INS Joint Favorable
	59	+	Statement of Purpose:
	60	+	To require insurers that file rate increases of twenty per cent or more
	61	+	for long-term care insurance policies to spread such increases over not
	62	+	less than five years.
	63	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline,
	64	+	except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is
	65	+	not underlined.]
63	66