The proposed legislation, Substitute Bill No. 7183, aims to enhance the regulation of long-term care insurance in Connecticut. It mandates the Insurance Department to submit a report by February 1, 2026, evaluating an alternative pool for long-term care policyholders with policies exceeding twenty years. Additionally, the bill requires the Insurance Department to hold public hearings for premium rate increase requests exceeding ten percent, providing advance notice to both policyholders and legislative committees. Furthermore, it stipulates that no long-term care policies can be issued or renewed without informing potential buyers about the risk of future premium increases.

The bill also introduces specific limitations on premium rate increases for long-term care policies purchased before December 31, 1985, particularly for policyholders aged eighty or those who have experienced significant premium increases. It requires the Secretary of the Office of Policy and Management to evaluate long-term care insurance provisions and report findings by February 1, 2026. Additionally, it repeals and replaces Section 17b-254 of the general statutes, establishing new reporting requirements and instituting a biennial limited performance audit of the Connecticut Partnership for Long-Term Care. The new language includes provisions for the audit process and the types of information to be reported, ensuring greater oversight and accountability in the long-term care insurance sector.

Statutes affected:
GOS Joint Favorable Substitute:
File No. 520:
INS Joint Favorable: