CT SB00478

Office of Policy and Management must establish consumer education outreach on long-term care needs, financing options, insurance availability, and asset protection, with annual reporting to legislative committees starting January 15, 2027

Insurance Department precertification requirements for long-term care policies expanded to prohibit tying executive compensation to approval of policyholder rate increases

Rate increases of 20% or more on long-term care policies must be spread over at least three years, with policyholders given 30 days notice and option to reduce benefits or elect minimum affordable coverage

Insurers must file annual reports by January 15 on incurred and paid losses for each long-term care policy, and disclose all reinsurance contract details when requesting rate increases

Attorney General granted authority to investigate and bring civil actions against insurers violating long-term care policy requirements, with civil penalties up to $5,000 per willful violation