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Committee advances long‑term care insurance language imposing 10% cap on annual increases; advocates warn of insolvency risk
Summary
Lawmakers voted to move LCO 5684 (SB 12 69) and a companion bill on long‑term care premium hearings to the floor. The bill includes a 10% annual cap on premium increases and a 15‑year limit on increases unless tied to CPI; legislators voiced concerns about insurer solvency and guarantee‑fund exposure.
The Insurance and Real Estate Committees voted to advance language on long‑term care insurance—filed as SB 12 69 with LCO 5684—to the floors on Tuesday, approving provisions that would cap long‑term care premium increases and provide additional notice and hearing requirements.
Under the JFS language discussed in committee, premium increases would be limited to no more than 10% in a year. The bill also retains a provision that after a policyholder has held a long‑term care policy for 15 years, insurers could not raise premiums except when tied to the Consumer Price Index.
Senat…
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