Enrolled Bill Summary

House Bill 2482 amends the Insurance Code to require the commissioner of insurance to adopt certain rules to stabilize long-term care insurance premium rates. The rules must (1) ensure that initial rates for long-term care insurance policy forms are adequate and that any rate schedule increases for such policies are justified, adequate, and reasonable relative to benefits provided to policyholders; (2) require any appropriate policy terms; (3) include penalty provisions for rules violations; and (4) protect policyholders affected by rate schedule increases. The rules must also be consistent with nationally recognized rate stabilization models existing on January 1, 2001, and contribute to uniformity of state laws.