CT HB07264

Increases must be spread over a minimum of 3 years for rate filings made prior to October 1, 2019, and 5 years for rate filings made on or after October 1, 2019.

Applies to insurance companies, fraternal benefit societies, hospital service corporations, medical service corporations, and health care centers filing premium rate increases of 20% or more for long-term care policies.

Requires periodic rate increases to be actuarially equivalent to a single rate increase using current interest rates for the chosen period.

Amendments apply to Connecticut General Statutes sections 38a-501(b)(2)(A) and 38a-528(b)(2)(A).

Takes effect October 1, 2019.