HB 79 (BR 418) - M. Cherry, T. Edmonds, K. Hall, T. Thompson
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, issued, delivered, or renewed on or after January 1, 2008; 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; permit use of the rate filing upon filing and prior to approval by the executive director; 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 notice to withdraw approval after 30 days notice has been given; authorize the executive director to establish by administrative regulation additional criteria to be considered, including but not limited to a certification by an actuary, an actuarial memorandum of justification of any rate schedule change, and a statement that the premium rate schedule is not less than the premium rate schedule for existing similar policy forms also available from the insurer; 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.
HB 79 - AMENDMENTS
HCS - Retain the original provisions of the Act; require rates to be filed for approval before use rather than allowing rates to be filed and used prior to review; delete (3)(c); delete factors in subsection (5) to be considered by the Office of Insurance in its review of rates; make Act effective July 1, 2008.
HFA (1, J. Gooch Jr) - Delete the requirement that a copy of long-term insurance rate filings be submitted to the Attorney General; delete the authorization of the Attorney General to direct the executive director of the Office of Insurance to hold a hearing on a long-term insurance rate filing.
(Prefiled by the sponsor(s).)
Dec 13-To: Interim Joint Committee on Banking and Insurance
Jan 2-introduced in House
Jan 3-to Banking and Insurance (H)
Feb 7-reported favorably, 1st reading, to Calendar with Committee Substitute ; floor amendment (1) filed to Committee Substitute
Feb 8-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, February 9, 2007
Feb 28-3rd reading, passed 90--9 with Committee Substitute
Mar 1-received in Senate
Mar 5-to Banking & Insurance (S)