AN ACT CONCERNING CONSUMER SAFEGUARDS FOR LONG-TERM CARE POLICIES.

This bill establishes new consumer protections for long-term care insurance policies in Connecticut, affecting insurance companies, policyholders, and state agencies. It requires the Office of Policy and Management to create an outreach program educating consumers about long-term care options, financing, and asset protection rules. The bill mandates that insurance policies must offer home and community-based services, include inflation protection, and cannot tie executive compensation to rate increases. Additionally, insurers must maintain a minimum 60% loss ratio, and any premium increases of 20% or more must be spread over at least three years.