HB 9/FN (BR 476) - M. Cherry, J. Richards
AN ACT relating to long-term care insurance rates.
Create a new section of KRS 304.14-600 to 304.14-625 to require long-term care insurers to file rates with the executive director of the Office of Insurance for all long-term care insurance policies; require the insurer to submit a copy of the filing to the Attorney General; require the insurer to submit a new filing to reflect any material change to any previously filed and approved rate filing; require the insurer to submit an amendment to a previously approved rate filing for all other changes; provide that the executive director shall approve or disapprove the filing within 60 days after filing; permit the executive director to order a retroactive reduction of rates; establish criteria to be considered when reviewing a rate filing; permit the executive director to withdraw approval after 30 days notice has been given; authorize the executive director to establish by administrative regulation additional criteria to be considered; direct the executive director to hold a hearing upon request by the Attorney General; permit a long-term care insurer to request a hearing concerning a disapproval of rates or an order of retroactive reduction in rates; amend KRS 304.14-630 to conform; Effective July 1, 2009.
Jan 8-introduced in House
Jan 11-to Banking & Insurance (H)
Feb 1-posted in committee
Feb 13-reported favorably, 1st reading, to Calendar
Feb 14-2nd reading, to Rules
Feb 19-recommitted to Appropriations & Revenue (H)