SB200: AN ACT relating to long-term care insurance.

Legislative Summary

Create new sections of Subtitle 14 of KRS Chapter 304 to define terms; establish requirements for long-term care insurance premium rates; require the Governor to appoint a long-term care insurance ombudsman; require the commissioner of insurance to create a consumer-driven process for escalating complaints relating to long-term care insurance; establish the Long-term Care Insurance Consumer Advisory Council; amend KRS 304.14-642 to allow long-term care insurance policies to be exchanged for long-term care partnership insurance regardless of issue date; establish terms for initial appointments to the Long-term Care Insurance Consumer Advisory Council; require the Cabinet for Health and Family Services to seek federal approval, if necessary, to implement provisions on long-term care partnership insurance; provide that the requirement to mitigate rate increases by a program of cross-subsidization supersedes any Department of Insurance policy, practice, or understanding used to approve or disapprove a rate increase filing prior to the effective date of the Act.