OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
SB-1046
AN ACT CONCERNING LONG -TERM CARE INSURANCE.
AMENDMENT
LCO No.: 8322
File Copy No.: 371
Senate Calendar No.: 238
Primary Analyst: MP 5/12/21
Contributing Analyst(s): MR (EC)
OFA Fiscal Note
Eliminates Cost In Bill
The amendment removes provisions from the underlying bill that
allow the Attorney General, at the Insurance Commissioner’s
recommendation, to take legal action to secure compensation for
insureds if an insurer submits a long-term care (LTC) insurance rate
filing with factual misstatements or omissions that cause the LTC policy
to be underpriced by 50% or more. This change eliminates the potential
cost to the Office of the Attorney General for hiring a Legal Investigator
at a cost of $55,087 in FY 22 and $113,478 in FY 23, including both salary
and fringe benefits.
The amendment also requires that insurers filing a rate filing to
increase LTC insurance premiums by 20 percent or more notify
policyholders of that action by the date of the filing. This pertains to
private entities and has no fiscal impact on the state or municipalities.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely
for the purposes of information, summarization and explanation and does not represent the intent of the General
Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of
informational sources, including the analyst’s professional knowledge. Whenever applicable, agency data is
consulted as part of the analysis, however final products do not necessarily reflect an assessment from any
specific department.