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| 2 | 2 | | |
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| 3 | 3 | | LCO No. 1011 1 of 2 |
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| 4 | 4 | | |
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| 5 | 5 | | General Assembly Proposed Bill No. 452 |
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| 6 | 6 | | January Session, 2025 |
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| 7 | 7 | | LCO No. 1011 |
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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 | | SEN. ANWAR, 3rd Dist. |
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| 15 | 15 | | |
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| 16 | 16 | | |
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| 17 | 17 | | |
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| 18 | 18 | | AN ACT CONCERNING CONSUMER PROTECTIONS FOR LONG - |
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| 19 | 19 | | TERM CARE INSURANCE POLICYHOLDERS. |
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| 20 | 20 | | Be it enacted by the Senate and House of Representatives in General |
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| 21 | 21 | | Assembly convened: |
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| 22 | 22 | | |
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| 23 | 23 | | That the general statutes be amended to: (1) Establish a four-year 1 |
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| 24 | 24 | | moratorium on long-term care insurance premium rate increases; (2) 2 |
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| 25 | 25 | | require that the Insurance Department hold a public hearing for long-3 |
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| 26 | 26 | | term care premium rate increase requests that exceed five per cent; (3) 4 |
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| 27 | 27 | | establish a personal income tax deduction for individual long-term care 5 |
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| 28 | 28 | | insurance policyholders for whom the premium rate for such policy 6 |
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| 29 | 29 | | increased by more than five per cent in a taxable year; and (4) establish 7 |
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| 30 | 30 | | a task force to (A) study the long-term care insurance industry, 8 |
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| 31 | 31 | | including, but not limited to, premium costs and alternative policy 9 |
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| 32 | 32 | | structures, including state-funded insurance pools for long-term care 10 |
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| 33 | 33 | | policyholders, and (B) provide recommendations to improve long-term 11 |
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| 34 | 34 | | care insurance affordability and coverage. 12 |
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| 35 | 35 | | Statement of Purpose: |
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| 36 | 36 | | To: (1) Establish a four-year moratorium on long-term care insurance |
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| 37 | 37 | | premium rate increases; (2) require that the Insurance Department hold Proposed Bill No. 452 |
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| 38 | 38 | | |
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| 39 | 39 | | |
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| 40 | 40 | | LCO No. 1011 2 of 2 |
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| 41 | 41 | | |
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| 42 | 42 | | a public hearing for long-term care premium rate increase requests that |
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| 43 | 43 | | exceed five per cent; (3) establish a personal income tax deduction for |
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| 44 | 44 | | individual long-term care insurance policyholders for whom the |
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| 45 | 45 | | premium rate for such policy increased by more than five per cent in a |
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| 46 | 46 | | taxable year; and (4) establish a task force to (A) study the long-term |
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| 47 | 47 | | care insurance industry, including, but not limited to, premium costs |
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| 48 | 48 | | and alternative policy structures, including state-funded insurance |
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| 49 | 49 | | pools for long-term care policyholders, and (B) provide |
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| 50 | 50 | | recommendations to improve long-term care insurance affordability |
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| 51 | 51 | | and coverage. |
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