1. (A) An insurer must notify a policyholder of a long-term care insurance policy issued in accordance with this chapter of a proposed premium rate increase that affects policyholders no later than thirty days after the filing by the insurer of the premium rate increase with the Department of Insurance. An insurer must provide written notice by first class mail to the last known mailing address of all affected individual and group policyholders and others who are directly billed for group coverage. The notice must:

   1. (1) show the proposed rate;
   2. (2) state that the rate is subject to regulatory approval;
   3. (3) direct policyholders to present their concerns or objections to the Department of Insurance; and
   4. (4) include contact information for the Department of Insurance.
2. (B) An increase in premium rate may not be implemented until approved by the Department of Insurance pursuant to Section 38-72-75 or until the effective date of the premium rate increase, whichever is later.

HISTORY: 2022 Act No. 195 (H.4832), Section 2, eff May 16, 2022.