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