SB912 - Caps rate increases for long-term care insurance policies at the lesser of the consumer price index or five percent, measured annually

SB 912

Caps rate increases for long-term care insurance policies at the lesser of the consumer price index or five percent, measured annually

Sponsor:

Eigel

LR Number:

4195S.01I

Committee:

Insurance and Banking

Last Action:

2/16/2022 - Second Read and Referred S Insurance and Banking Committee

Journal Page:

S800

Title:

Calendar Position:

Effective Date:

August 28, 2022

Current Bill Summary

SB 912 - Under current law, no long-term care insurance policy shall increase premium rates, measured annually, in excess of the amount that is actuarially justified based on credible experience, calculated in a way that results in no cross-state subsidization.

This act specifies that the amount of the increase also shall not exceed the lesser of the percentage change in the Consumer Price Index for All Urban Consumers, or five percent.

This act is similar to the introduced SB 288 (2021) and SB 1067 (2020).

ERIC VANDER WEERD

Amendments

No Amendments Found.