IL SB3671

Requires prior approval from the Director of Insurance before issuing or delivering any long-term care insurance policy, certificate, or modification to persons in Illinois.

Director must disapprove rates if benefits are unreasonable relative to premiums, rates are excessive or unfairly discriminatory, or annual rate increases exceed 20% without actuarial evidence proving financial necessity.

Insurance companies proposing rate changes must prove by clear and convincing evidence that rates comply with the law and do not violate requirements.

Long-term care insurance rate filings must include all information justifying the rate, certification by a qualified actuary that rates are reasonable and compliant with law, and certification from company management authorizing the increase.

Director may request actuarial data to verify previously-approved rates remain compliant and may withdraw approval of any rate that fails to meet statutory requirements.