SB 1500 - This act requires insurers to file long-term care premium rate schedules to the director of the Department of Commerce and Insurance. With the filing, insurers must also submit to the director their distribution of business rate increase data approved to date, including, but not limited to, policy count, annualized premiums, and paid claims, for each referenced series, for all states.

Requested rates are subject to prior approval from the director before such rates can be implemented by the insurer. Changed premiums shall not be charged to an insured until the premium rate has been filed and approved by the director.

The director shall disapprove or modify premium rates submitted by an insurer if the benefits provided are unreasonable in relation to the premiums charged, the premium rates appear to be inadequate, unfairly discriminatory, or excessive in relation to benefits, or the premium rate appears to be based on assumptions that are unreasonable in the aggregate or for each assumption individually. If the provided annualized rate increase for this state is found to be higher than that of other states, then the rate increase shall be denied, even if such increase is actuarially justified.

The director shall notify the insurer of his decision or determination in writing no later than ninety days from the date of receiving the filing. This ninety-day deadline may be extended so long as the director provides written notice to the insurer than an additional time period or periods, not to exceed ninety days per period, are needed to complete a review of the premium rate filing.

If no action is taken by the director within ninety days to approve or disapprove the premium rates after they have been filed by the insurer, the premium rates shall be deemed to be approved.

The director is required to hold a public hearing or solicit public comments as part of the process to review long-term care insurance rate filings. All persons present at a public hearing shall be provided an opportunity to testify or offer written comments. The director may place time limits on the testimony. Some or all portions of the filing that are subject to disclosure as a part of the public hearing or solicitation of public comments may be open to public inspection as authorized by applicable federal and state law.

Each premium rate decision made by the director is subject to judicial review in accordance with the insurance laws of this state.

This act is substantially similar to HB 2612 (2026).

TAYLOR MIDDLETON

Statutes affected:
Introduced (6243S.01): 376.1135