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 the commissioner to approve innovative short or long-term care policies, provided they are in the public's best interest and the benefits are reasonable compared to the premiums charged. Additionally, the bill revises the criteria for disapproving insurance forms, ensuring that policies cannot condition eligibility for benefits on prior hospitalization or institutionalization requirements beyond specified limits.

Furthermore, the bill establishes a new requirement for public hearings prior to the approval or denial of any form or rate filing for long-term care insurance, allowing for discretionary disclosure of filings as deemed necessary by the commissioner. The existing language regarding loss ratio standards is deleted, and new language is inserted to clarify the commissioner's authority and the conditions under which innovative policies may be approved. The act will take effect 60 days after its passage, and while it may lead to an indeterminable increase in state revenue from new insurance products, it is expected that the Insurance Department can manage any additional workload with current resources.

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