Enrolled Bill Summary

Senate Bill 963	Senate Author:  Ellis
Effective:  9-1-09	House Sponsor:  Smithee

            Senate Bill 963 amends the Insurance Code to prohibit a premium rate for a long-term care benefits plan from being used until the rate has been filed with the Texas Department of Insurance and approved by the commissioner of insurance. The bill authorizes the commissioner to disapprove the rate if it is not actuarially justified or does not comply with standards for long-term care benefits plans by state law or commissioner rule. The bill requires an insurer who obtains the commissioner's approval of an increase to notify policyholders of the scheduled rate increase at least 45 days prior to the date the policyholder is required to make a premium payment at the increased rate and to provide contingent nonforfeiture benefits consistent with nationally recognized models and commissioner rules.