AB 999 Summary

• Requires insurers to clearly post specimen policy forms on their website and provide written notice at solicitation that forms are available upon request, with delivery within 15 calendar days.

• Mandates the annual consumer rate guide include a specimen outline of coverage for each product currently marketed by each insurer.

• Prohibits insurers from justifying rate increases based on asset investment yield rate changes, except when return on investments is lower than maximum valuation interest rates or when changes in laws or regulations are retroactively applicable.

• Requires all experience on similar long-term care policy forms issued by an insurer and its affiliates to be pooled together for determining rate increases, with policies classified into three benefit categories: nursing facility/residential care facility only, home care only, or comprehensive long-term care benefits.

• Allows insurers to request lower premium rate schedule increases or a series of increases without the standard certification requirement, subject to commissioner approval if in the best interest of California policyholders and other conditions are met.