HI SB952

Grants the insurance commissioner express prior approval authority over long-term care insurance rate increases, requiring insurers to request approval at least 60 days before notifying policyholders of rate changes.

Requires insurers to submit detailed actuarial certifications and memoranda justifying rate increases, including lifetime projections of premiums and claims based on moderately adverse conditions.

Establishes minimum loss ratio requirements of 58-85% depending on rate increase type, with exceptional increases required to return 70% of additional premium value to policyholders in benefits.

Authorizes the commissioner to impose rate adjustments or other measures if actual experience following a rate increase does not match projections, and to require replacement coverage options if significant adverse lapsing occurs.

Effective January 1, 2018.