AN ACT CONCERNING THE REGULATION OF LONG-TERM CARE INSURANCE, REPORTS CONCERNING SUCH INSURANCE AND A LIMITED PERFORMANCE AUDIT OF THE CONNECTICUT PARTNERSHIP FOR LONG-TERM CARE.

HB 7183 regulates long-term care insurance in Connecticut by requiring insurers to provide written notice of future premium increase risks before policy purchase (Section 3) and capping premium hikes for certain older policies - those initially bought before 1986 or held by policyholders aged 80+ or who’ve paid 400% in increases - to the Consumer Price Index (Section 4). Insurers must hold public hearings for rate increases over 10% and notify policyholders 14 days in advance (Section 2). The bill also mandates reports from the Insurance Department and Connecticut Partnership for Long-Term Care evaluating regulations and program effectiveness, with a biennial audit of the Partnership’s operations (Sections 1, 5, 6). These changes directly affect insurers selling long-term care policies and their policyholders, focusing on transparency and rate stability.