AN ACT CONCERNING CONSUMER PROTECTIONS FOR LONG-TERM CARE INSURANCE.

HB 5280 requires long-term care insurance companies to provide detailed disclosures about reinsurance contracts when seeking premium increases. It mandates full refunds for policyholders who haven’t filed claims after five years of coverage, and sets conditions for rate increases - including requiring insurers to prove they sold enough policies to cover losses and prohibiting increases exceeding promised amounts. The bill also requires insurers to submit loss data with rate applications. These provisions directly affect policyholders and insurers by increasing transparency and limiting rate hikes.