Raised Bill No. 329 Summary

• Insurance Commissioner must develop and prescribe a minimum set of affordable benefit options for long-term care policies with premium rate increases of 20% or more, effective January 1, 2021.

• No insurance company, fraternal benefit society, hospital service corporation, medical service corporation, or health care center may deliver, issue, renew, continue, or amend long-term care policies unless authorized to sell long-term care insurance and at least one other line of insurance in Connecticut.

• Individual long-term care policies must maintain a minimum 60% loss ratio; group policies must maintain a minimum 65% loss ratio, with rates filed and approved by the Insurance Commissioner.

• Premium rate increases of 20% or more must be spread over at least three years, and policyholders must receive 30 days' notice with the option to reduce benefits or elect the Commissioner's minimum affordable benefit options.

• Attorney General is authorized to investigate and pursue civil actions against insurers that file rate requests with deliberate or reckless misstatements or omissions of fact causing underpricing of at least 50%, with recovered damages distributed to insureds.