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June 22, 2006 at 07:27 AM
Florida Gov. Jeb Bush has signed into law a bill that will slap new restrictions on the way long term care insurance is sold in his state.
The law based on the bill, H.B. 947, will restrict insurers from contesting any LTC insurance application more than 2 years after selling a policy and may allow an aging policyholder to trade in policies for cheaper ones if rates are raised.
The law, which is effective July 1, also will prevent carriers from raising premiums by closing one block of business and opening another with an affiliated carrier.
The bill will limit the amount of premium that can be charged to existing policyholders to the amount that can be charged to new policyholders.
