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.: 9950
File Copy No.: 371
House Calendar No.: 544
Senate Calendar No.: 238
Primary Analyst: MP 6/4/21
Contributing Analyst(s): (SC)
OFA Fiscal Note
Significant Cost
The amendment requires the Insurance Department (DOI) to review
the books and records of each LTC carrier operating in Connecticut at
least annually to ensure their solvency. Currently, DOI's Financial
Analysis Unit (FAU) analyzes all domestic insurers quarterly, including
a more thorough examination involving actuaries annually. To expand
that level of analysis to all LTC carriers operating in Connecticut, rather
than domestic ones, would require a significant increase in staff (e.g. 25
new financial examiners and actuaries) that is anticipated to cost DOI
more than $4.5 million annually.
The other provisions of the amendment are not anticipated to change
the fiscal impact of the underlying bill as amended.
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.
Sources: Connecticut Insurance Department