CT SB00199

Requires long-term care insurance companies to spread premium rate increases of 20% or more over a minimum of three years using actuarially equivalent periodic increases.

Mandates insurers notify policyholders of rate increases and provide the option to reduce policy benefits to lower premiums, with premium rates based on the new schedule.

Grants policyholders a minimum of 30 calendar days to elect benefit reductions, with continued coverage at existing benefits if no election is made and the policy is not cancelled.

Maintains minimum loss ratio requirements of 60% for individual long-term care policies and 65% for group long-term care policies.

Allows managed residential communities to submit claims on behalf of insured persons and requires insurers to disclose eligibility information and claim decisions to authorized communities.