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 insurance products offered are suitable based on various factors such as age, socioeconomic status, and risk profile. Additionally, the bill introduces a multistep, multi-acknowledgement process that educates clients about the specifics of their policies, including potential future 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 language of the bill includes new provisions that emphasize these consumer protections and incentives, while no specific deletions from current law are noted in the text provided. Overall, the bill seeks to create a more informed and supportive environment for consumers in the long-term care insurance market.