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Senate advances long-term care insurance bill amid sharp debate over refunds and industry risk
Summary
Lawmakers passed an amended bill easing consumer reporting and oversight of long-term care insurers but stopped short of specifying immediate, sweeping refunds. Supporters called it a first step to protect policyholders; critics warned caps or retroactive refunds could trigger a damaging run on insurers.
Lawmakers passed an amended package intended to give regulators more data and tools to limit steep long-term care premium increases and to help consumers hit by rising rates.
The bill, championed by Human Services Committee Chair Senator Lesser, requires insurers to provide the insurance commissioner with more granular, aggregated reporting about actual and incurred losses and disaggregated annual filings aimed at protecting consumer privacy. "This amendment . . . provides information about actual and incurred losses," Lesser said, adding it would give regulators better tools to curb excessive rate requests and require disclosure to…
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