HB1060
Long-term care insurance; rate increases, notice requirements.
Status:
Enacted
Latest Action:
April 22, 2024
House: Impact statement from SCC (HB1060ER)
Chief Patron:
Kathy Tran (D)
Session:
2024 Regular Session
Summary
As Passed Both Chambers. Long-term care insurance; rate increases; notice requirements.
Requires an insurer providing long-term care insurance policies to issue a written notice to each policyholder of the insurer's filing for a rate increase with the State Corporation Commission within 60 days of making such filing. Additionally, the bill requires the insurer to (i) if the Commission denies the rate ... (More) increase, issue a written notice to each policyholder of the Commission's final decision to deny the rate increase within 90 days of such decision or (ii) if the Commission approves the rate increase, issue a written notice to each policyholder of the rate increase at least 90 days before its effective date that includes certain information listed in the bill. The bill requires the Commission, in reviewing requests to increase long-term care insurance rates, to consider, to the extent practicable, how the rate increase will impact policyholders. (Less)-
Bill History
- 01/10/2024 - House: Prefiled and ordered printed; offered 01/10/24 24100708D
- 01/10/2024 - House: Referred to Committee on Labor and Commerce
- 01/23/2024 - House: Assigned L & C sub: Subcommittee #1
- 01/24/2024 - House: Impact statement from SCC (HB1060)
- 02/06/2024 - House: House subcommittee amendments and substitutes offered
- 02/06/2024 - House: Subcommittee recommends reporting with amendments (5-Y 2-N)
- 02/08/2024 - House: Reported from Labor and Commerce with amendment(s) (13-Y 9-N)
- 02/11/2024 - House: Read first time
- 02/12/2024 - House: Read second time
- 02/12/2024 - House: Committee amendment agreed to
- 02/12/2024 - House: Engrossed by House as amended HB1060E
- 02/12/2024 - House: Printed as engrossed 24100708D-E
- 02/13/2024 - House: Read third time and passed House (59-Y 39-N)
- 02/13/2024 - House: VOTE: Passage (59-Y 39-N) Close Floor Vote
- 02/14/2024 - Senate: Constitutional reading dispensed
- 02/14/2024 - Senate: Referred to Committee on Commerce and Labor
- 02/16/2024 - House: Impact statement from SCC (HB1060E)
- 03/04/2024 - Senate: Reported from Commerce and Labor with amendment (14-Y 0-N)
- 03/04/2024 - Senate: Senate committee, floor amendments and substitutes offered
- 03/05/2024 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/06/2024 - Senate: Read third time
- 03/06/2024 - Senate: Reading of amendment waived
- 03/06/2024 - Senate: Committee amendment agreed to
- 03/06/2024 - Senate: Engrossed by Senate as amended
- 03/06/2024 - Senate: Passed Senate with amendment
- 03/07/2024 - House: Senate amendment agreed to by House (56-Y 43-N)
- 03/07/2024 - House: VOTE: Adoption (56-Y 43-N) Close Floor Vote
- 03/25/2024 - House: Enrolled
- 03/25/2024 - House: Bill text as passed House and Senate (HB1060ER)
- 03/25/2024 - Senate: Signed by President
- 03/26/2024 - House: Signed by Speaker
- 03/27/2024 - House: Enrolled Bill communicated to Governor on March 27, 2024
- 03/27/2024 - Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024
- 04/02/2024 - Governor: Approved by Governor-Chapter 315 (effective 7/1/24)
- 04/02/2024 - Governor: Acts of Assembly Chapter text (CHAP0315)
- 04/22/2024 - House: Impact statement from SCC (HB1060ER)
