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| 3 | 3 | | LCO No. 1485 1 of 2 |
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| 4 | 4 | | |
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| 5 | 5 | | General Assembly Proposed Bill No. 5280 |
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| 6 | 6 | | January Session, 2025 |
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| 7 | 7 | | LCO No. 1485 |
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| 8 | 8 | | |
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| 9 | 9 | | |
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| 10 | 10 | | Referred to Committee on INSURANCE AND REAL ESTATE |
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| 11 | 11 | | |
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| 12 | 12 | | |
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| 13 | 13 | | Introduced by: |
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| 14 | 14 | | REP. TURCO, 27th Dist. |
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| 15 | 15 | | REP. DEMICCO, 21st Dist. |
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| 18 | 18 | | |
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| 20 | 20 | | AN ACT CONCERNING CONSUMER PROTECTIONS FOR LONG- |
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| 21 | 21 | | TERM CARE INSURANCE. |
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| 22 | 22 | | Be it enacted by the Senate and House of Representatives in General |
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| 23 | 23 | | Assembly convened: |
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| 24 | 24 | | |
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| 25 | 25 | | That title 38a of the general statutes be amended to: (1) As part of any 1 |
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| 26 | 26 | | long-term care premium rate increase request, require that any long-2 |
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| 27 | 27 | | term care insurance carrier provide details of any reinsurance contracts 3 |
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| 28 | 28 | | associated with such insurer's long-term care policies, including, but not 4 |
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| 29 | 29 | | limited to, the participation percentage of each reinsurer identified by 5 |
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| 30 | 30 | | the reinsurance contract date; (2) require that any long-term care 6 |
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| 31 | 31 | | insurance carrier offer a full refund of all premiums paid to any 7 |
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| 32 | 32 | | policyholder who requests such refund, provided the policy has existed 8 |
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| 33 | 33 | | for not less than five years and such policyholder has not submitted any 9 |
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| 34 | 34 | | claims under such policy; (3) require that any long-term care insurance 10 |
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| 35 | 35 | | carrier demonstrate that such carrier sold a certain number of long-term 11 |
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| 36 | 36 | | care insurance policies or conducted such carrier's business in a way that 12 |
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| 37 | 37 | | produced sufficient premiums to substantially cover anticipated losses 13 |
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| 38 | 38 | | for a policy form to be eligible to receive a premium rate increase for 14 |
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| 39 | 39 | | existing policyholders of such policy form; (4) prohibit any long-term 15 Proposed Bill No. 5280 |
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| 40 | 40 | | |
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| 41 | 41 | | |
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| 42 | 42 | | LCO No. 1485 2 of 2 |
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| 43 | 43 | | |
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| 44 | 44 | | care insurance carrier from being eligible for a premium rate increase 16 |
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| 45 | 45 | | that exceeds premium increase representations made during the 17 |
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| 46 | 46 | | application process or as indicated as a significant increase as defined in 18 |
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| 47 | 47 | | the long-term care policy, whichever is greater; and (5) require that each 19 |
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| 48 | 48 | | long-term care insurance carrier that seeks a long-term care premium 20 |
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| 49 | 49 | | rate increase include in such carrier's application for such rate increase 21 |
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| 50 | 50 | | the incurred loss and actual paid loss for each policy year, which shall 22 |
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| 51 | 51 | | be included in the Insurance Department's disposition report. 23 |
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| 52 | 52 | | Statement of Purpose: |
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| 53 | 53 | | To establish certain consumer protections for long-term care insurance. |
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