This bill amends current law to empower the insurance commissioner to approve innovative short or long-term care insurance policies and their associated rates, provided that the commissioner determines these policies are in the public's best interest and that the benefits offered are reasonable in relation to the premiums charged. Specifically, a new paragraph is added to RSA 415-D:5, which states that the commissioner may approve such policies notwithstanding any other provisions in the chapter.

The bill is expected to have an indeterminable impact on state revenue, as it may lead to the introduction of new insurance products that could generate additional Insurance Premium Tax revenue without displacing existing long-term care policies. While the bill does not allocate any new funding or appropriations, it is noted that any additional workload from approving these innovative products can be managed within the existing resources of the Insurance Department. Additionally, there may be an increase in health insurance premiums for counties and municipalities that purchase health insurance as a result of this bill.

Statutes affected:
Introduced: 415-D:5, 400-A:15-f
As Amended by the Senate: 415-D:5, 400-A:15-f
As Amended by the House: 415-D:5
Version adopted by both bodies: 415-D:5
SB610 text: 415-D:5, 400-A:15-f