FL H1053

Defines "guaranteed renewable" for long-term care insurance to mean the insured can continue coverage by timely premium payment while the insurer cannot unilaterally change policy provisions or decline renewal, except to revise rates on a class basis.

Clarifies that renewal or continuation of a guaranteed renewable long-term care insurance policy does not constitute a new policy and does not incorporate statutory or regulatory changes enacted after the original policy issuance date.

Prohibits long-term care insurance policies from being canceled or nonrenewed based on age or deterioration of mental or physical health, except that the office may authorize statewide nonrenewal if the insurer demonstrates renewal would jeopardize solvency or if substantial unexpected losses cannot be mitigated.

Restricts elimination periods in long-term care policies to a maximum of 180 days and requires policies not to limit coverage exclusively to nursing homes or provide significantly more coverage for nursing homes than lower levels of care.

Takes effect July 1, 2012.