HI HB1086

Grants the Insurance Commissioner express prior approval authority over long-term care insurance rates, requiring insurers to request approval at least 60 days before implementing rate increases.

Establishes detailed requirements for rate increase filings, including actuarial certifications, lifetime premium and claims projections, and compliance with minimum loss ratio standards of 58% for initial premiums and 85% for prior increases.

Authorizes the Commissioner to require alternative rate structures, monitor lapse rates for rate spirals, and mandate replacement coverage options if significant adverse lapsing occurs on policies with contingent benefits.

Modernizes motor vehicle insurance regulations to permit the Commissioner to allow claims service and adjustment through electronic technology rather than requiring physical in-state office locations.

Takes effect July 1, 2112, except the disapproval of filings provision takes effect January 1, 2018.