CT SB01112

Insurance Department must submit a report by February 1, 2024 evaluating an alternative pool for long-term care policyholders with policies in excess of twenty years as a self-contained pool.

Insurance Department shall hold a public hearing for any long-term care premium rate increase request exceeding ten percent, with insurers required to provide policyholders written notice of the hearing date and time at least fourteen days in advance.

Insurance companies, fraternal benefit societies, hospital service corporations, medical service corporations, and health care centers cannot deliver, issue, renew, continue, or amend long-term care policies in Connecticut on or after January 1, 2024 unless they provide written notice to individuals prior to purchase of the risk of premium rate increases.

Eligible taxpayers with federal adjusted gross income less than $200,000 may claim a tax credit equal to twenty percent of premiums paid during the taxable year for an individual long-term care policy for which they are the insured, effective for taxable years commencing on or after January 1, 2024.