HOUSE DOCKET, NO. 2316        FILED ON: 1/14/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 997

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act relative to long term care insurance rate filings..

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1.  Section 108 of Chapter 175 of the General Laws, as appearing in the 2006 official edition, is hereby amended by adding after paragraph 12. the following:-

13. Rate filings made by an insurer for long term care insurance policies in accordance with the provisions of this section and pursuant to any regulations promulgated relative to said rate filings shall, upon approval by the commissioner, not result in a premium charged to the insured that would exceed the premium charged on a newly issued insurance policy based upon the insured’s age at the time of application or not to exceed 30 percent of the rate increase on the insured’s existing long term care policy, whichever is lower, except to reflect benefit differences.