This bill amends the Long-Term Care Insurance Act by relocating the insurance commissioner's rulemaking authority regarding loss ratio standards for long-term care policies. It introduces new provisions that allow for the approval of innovative short or long-term care policies, provided that the commissioner determines they are in the public's best interest and that the benefits are reasonable in relation to the premiums charged. Additionally, the bill revises the criteria for disapproving insurance forms, allowing the commissioner to disapprove forms that are unreasonable, misleading, or non-compliant with legal requirements. The bill also permits the commissioner to hold public hearings regarding form and rate filings, with the option for discretionary disclosure of these filings.

Key changes include the insertion of language that specifies the inclusion of loss ratio standards, filing requirements, and agent compensation in the disclosure provisions. The bill deletes the previous requirement for a specific reference to long-term care insurance policies in the rules establishing loss ratio standards. Furthermore, it repeals and reenacts the section on denial of forms, streamlining the process for disapproval and ensuring that insurers are notified of any non-compliance. The act is set to take effect 60 days after its passage, with potential indeterminable impacts on state revenue and local expenditures related to health insurance premiums.

Statutes affected:
Introduced: 415-D:5, 400-A:15-f
SB610 text: 415-D:5, 400-A:15-f