Introduced by Representatives Westman of Cambridge and Howard of Rutland City
Subject: Banking and insurance; long-term care insurance
Statement of purpose: This bill proposes to disclose to applicants for long‑term care insurance that the premium rates may increase, the effect those rate increases will have on the cost of the policy, and the history of rate changes for long‑term care insurance.
AN ACT RELATING TO LONG-TERM CARE INSURANCE
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 8 V.S.A. § 8084(c) is added to read:
(c) The disclosure standards adopted pursuant to this section shall require the full disclosure, verbally and in writing, of the potential for premium rate increases, the effect those rate increases would have on the cost of the policy, and the history of rate changes for long‑term care insurance.
The Vermont General Assembly
115 State Street