The bill proposes the addition of a new section, 376.1135, to chapter 376 of the Revised Statutes of Missouri, which specifically addresses long-term care insurance policies. Effective from August 28, 2026, this section outlines the definitions of key terms, including "Department," "Director," and "Long-term care insurance." It establishes that all long-term care insurance policies delivered or issued in Missouri after this date must comply with the new provisions, which include requirements for premium rate filings. Insurers must submit their premium rate schedules to the Department of Commerce and Insurance for prior approval before implementation, and any changes to premium rates must also receive approval. Additionally, the bill grants the Director the authority to disapprove or modify premium rates based on criteria such as the reasonableness of benefits in relation to premiums and the adequacy of the rates. The Director is required to notify insurers of decisions regarding premium rates within thirty days, and if no action is taken within ninety days, the rates are deemed approved. The bill also mandates public hearings or solicitation of public comments on rate filings, ensuring transparency in the process. Furthermore, it stipulates that the Director must promulgate necessary rules for the administration of this section, with specific provisions regarding the validity of these rules in relation to existing laws.

Statutes affected:
Introduced (5847H.01): 376.1135