SECTION 1. Subsection (a) of section 3 of chapter 176U of the General Laws, as appearing in the 2018 Official Edition, is hereby amended by inserting after the first sentence the following sentence:-
A long-term care insurance policy entered into on or after January 1, 2012 shall: (i) have a loss ratio between eighty percent and ninety percent; and (ii) cap premium increases at twenty percent over the life of the policy.
SECTION 2. Subsection (d) of said section 3 of said chapter 176U, as so appearing, is hereby amended by inserting after the word “regulation”, in line 50, the following words:- ; provided further, that regulations shall be adopted in accordance with subsection (a) of this section.
SECTION 3. Clause (vi) of subsection (a) of section 7 of said chapter 176U, as so appearing, is hereby amended by inserting after the words “determinations and penalties”, in lines 24 and 25, the following words:- ; provided, that filings served upon the division of insurance related to rate increases must be served concurrently on the office of the attorney general and notice provided to policyholders.
SECTION 4. Subsection (c) of said section 7 of said chapter 176U, as so appearing, is hereby amended by striking out the words “, in the commissioner’s discretion and may, on motion of the attorney general,”.
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