SB 3671

Abstract

Amends the Illinois Insurance Code. Provides that, with respect to long-term care insurance coverage, no policy or certificate, or modification thereof, shall be issued or delivered to any person in this State until the classification of risks and the premium rates pertaining thereto have been approved by the Director of Insurance and that any subsequent addition to or change in premium rates shall also be subject to the Director's approval. Sets forth provisions concerning the standards for approval, determinations by the Director, and public hearings. Provides that, with respect to long-term care insurance, a filing of premium rates shall not be considered complete unless it contains all information necessary to justify the premium rate and such other information as the Director may require to determine the rate's compliance with the provision concerning long-term care insurance rates and prior approval. Sets forth additional requirements for rate filings. Effective immediately.