LCO No. 1011 1 of 2
General Assembly Proposed Bill No. 452
January Session, 2025
LCO No. 1011
Referred to Committee on INSURANCE AND REAL ESTATE
Introduced by:
SEN. ANWAR, 3rd Dist.
AN ACT CONCERNING CONSUMER PROTECTIONS FOR LONG -
TERM CARE INSURANCE POLICYHOLDERS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
That the general statutes be amended to: (1) Establish a four-year 1
moratorium on long-term care insurance premium rate increases; (2) 2
require that the Insurance Department hold a public hearing for long-3
term care premium rate increase requests that exceed five per cent; (3) 4
establish a personal income tax deduction for individual long-term care 5
insurance policyholders for whom the premium rate for such policy 6
increased by more than five per cent in a taxable year; and (4) establish 7
a task force to (A) study the long-term care insurance industry, 8
including, but not limited to, premium costs and alternative policy 9
structures, including state-funded insurance pools for long-term care 10
policyholders, and (B) provide recommendations to improve long-term 11
care insurance affordability and coverage. 12
Statement of Purpose:
To: (1) Establish a four-year moratorium on long-term care insurance
premium rate increases; (2) require that the Insurance Department hold Proposed Bill No. 452
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a public hearing for long-term care premium rate increase requests that
exceed five per cent; (3) establish a personal income tax deduction for
individual long-term care insurance policyholders for whom the
premium rate for such policy increased by more than five per cent in a
taxable year; and (4) establish a task force to (A) study the long-term
care insurance industry, including, but not limited to, premium costs
and alternative policy structures, including state-funded insurance
pools for long-term care policyholders, and (B) provide
recommendations to improve long-term care insurance affordability
and coverage.