(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) show the proposed rate;
(2) state that the rate is subject to regulatory approval;
(3) direct policyholders to present their concerns or objections to the Department of Insurance; and
(4) include contact information for the Department of Insurance.
(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.
Structure South Carolina Code of Laws
Chapter 72 - Long Term Care Insurance Act
Section 38-72-20. Chapter not to supersede other insurance laws; exceptions; applications.
Section 38-72-30. Short title.
Section 38-72-40. Definitions.
Section 38-72-66. Required notice to avoid unintentional cancellations or lapse; reinstatement.
Section 38-72-69. License requirements; training.
Section 38-72-70. Regulations.
Section 38-72-75. Long-term care insurance providers; rate schedules.
Section 38-72-78. Required notice for proposed premium rate increases.
Section 38-72-80. Severability; application of chapter.