CT SB00013

Requires the Insurance Commissioner to hold a public symposium providing opportunity for public comment prior to approving long-term care insurance rate increases exceeding 10 percent, excluding Connecticut Partnership for Long-Term Care policies.

Commissioner must set a symposium date within five business days of receiving a rate filing and post the date, place, and time on the Insurance Department website, with the symposium held no later than 60 calendar days before the proposed effective rate date.

Commissioner must consider all oral and written public comments when deciding whether to approve, disapprove, or modify long-term care policy rate filings.

Maintains existing loss ratio requirements of 60 percent for individual policies and 65 percent for group policies, and requires rate filings to demonstrate compliance with these standards.

Effective January 1, 2015, applying to Connecticut General Statutes sections 38a-501 (individual policies) and 38a-528 (group policies).