The proposed bill, General Assembly Proposed Bill No. 184, aims to enhance consumer protection in the long-term care insurance market by establishing a "Know Your Customer" requirement. This requirement mandates that insurance providers engage in fair and transparent dealings with clients and prospective clients, ensuring that the products offered are suitable based on various factors such as age, socioeconomic status, and risk profile. Additionally, the bill introduces a multistep, multi-acknowledgment process to educate clients about the specifics of their policies, including potential premium volatility and cancellation options.

Furthermore, the bill proposes that clients receive a tax credit for premiums paid for long-term care insurance, thereby providing an incentive for individuals to purchase such insurance. The legislation seeks to amend existing statutes to incorporate these provisions, thereby reinforcing consumer rights and promoting informed decision-making in the long-term care insurance market.