CT HB07226

Insurance Department must hold public hearings for long-term care premium rate increases exceeding 10%, with insurers required to notify policyholders at least 14 days in advance of hearing dates

Insurers must provide written notice to individuals purchasing long-term care policies about the risk of future premium rate increases, effective January 1, 2026

Premium rate increases of 20% or more must be spread over at least 3 years, with no additional rate filings permitted during that period; insurers must also certify increases are necessary to prevent material insolvency risk

Policyholders must receive at least 30 days to elect reduced benefits or minimum affordable coverage options before premium increases take effect

Insurers are ineligible for state contracts exceeding $100,000 if principals, key personnel, or agents have violated the act's provisions within the preceding 5 years; state agencies must include compliance representation requirements in bid specifications