AN ACT CONCERNING LONG-TERM CARE INSURANCE.
What changed between versions
The effective date for Section 2 was changed from January 1, 2026 to January 1, 2026, while Section 5's effective date was changed from October 1, 2025 to January 1, 2026, standardizing the implementation timeline.
New disclosure requirements were added for life insurance companies issuing long-term care riders, mandating that they provide written information about costs, benefit impacts, conditions, and exclusions to policyholders.
A new provision allows life insurance policies with long-term care riders to include benefits that become payable upon exhaustion of death benefits or annuity values, with specific rules about elimination periods.
A clear definition of 'long-term care rider' was added to specify it refers to provisions attached to annuity contracts or certificates that provide long-term care benefits under federal tax code Section 7702B(c)(1).
The bill now explicitly requires that only producers licensed to sell both life and health insurance may sell policies with long-term care riders, strengthening consumer protection.
The bill's page numbering was updated from 6 pages to 20 pages, and the header information was changed to reflect it as a Substitute Bill rather than a Raised Bill.