Lawmakers in Connecticut are considering several bills that could affect carriers’ moves to increase long-term care insurance (LTCI) rates.
H.B. 6321 would require that an LTCI issuer give any consumer considering an LTCI policy a disclosure about the possibility of rate increases.
The disclosure would have to provide information about any rate increases the issuer had imposed on the policy form or similar forms within the past 10 calendar years.
The Joint Committee on Insurance and Real Estate recently voted 18-0 to support the bill.
Sen. Martin Looney, D-New Haven, Conn., the Senate majority leader, testified at a hearing on several insurance bills that he believes LTCI buyers must be made aware that the policies may be subject to rate increases.
“Informing buyers of the 10-year history of rate increases on the product would give these buyers the information they need to make an educated choice in a complicated market,” Looney said, according to a written version of his remarks posted on the Senate website.