An Act To Require Notification of Long-term Care Policy Proposed Rate Increases

Sec. 1. 24-A MRSA §5084  is enacted to read:

§ 5084.  Notice to policyholders of rate increase

The bureau shall notify a policyholder of a long-term care insurance policy of a proposed premium rate increase that affects the policyholder no later than 10 business days after the filing by an insurance carrier of the premium rate increase. An insurance carrier shall provide to the bureau the names and mailing addresses of policyholders who must be notified pursuant to this section.

summary

This bill requires the Department of Professional and Financial Regulation, Bureau of Insurance to notify a policyholder of a long-term care insurance policy of a proposed premium rate increase that affects the policyholder no later than 10 business days after the filing of the premium rate increase.