Bill Text: CT HB05209 | 2018 | General Assembly | Comm Sub

Connecticut House Bill 5209 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: An Act Imposing A Surcharge On Certain Insurance Policies And Establishing The Healthy Homes Fund.

Spectrum: Committee Bill

Status: (Passed) 2018-06-13 - Signed by the Governor [HB05209 Detail]

Download: Connecticut-2018-HB05209-Comm_Sub.html

General Assembly		*Substitute Bill No. 5209*
*February Session, 2018*		_____HB05209INS___031618____

AN ACT CONCERNING LONG-TERM CARE INSURANCE PREMIUM RATE INCREASES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subparagraph (A) of subdivision (2) of subsection (b) of section 38a-501 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2018):

(2) (A) Any insurance company, fraternal benefit society, hospital service corporation, medical service corporation or health care center that files a rate filing for an increase in premium rates for a long-term care policy that is for twenty per cent or more shall spread the increase over a period of not less than (i) three years for a rate filed prior to October 1, 2018, and (ii) five years for a rate filed on or after October 1, 2018. Such company, society, corporation or center shall use a periodic rate increase that is actuarially equivalent to a single rate increase and a current interest rate for the period chosen.

Sec. 2. Subparagraph (A) of subdivision (2) of subsection (b) of section 38a-528 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2018):


This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2018	38a-501(b)(2)(A)
Sec. 2	October 1, 2018	38a-528(b)(2)(A)