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Texas Insurance Code - INS § 1651.055. Rate Stabilization

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The commissioner shall adopt rules to stabilize long-term care premium rates by:

(1) ensuring that:

(A) initial rates for long-term care benefit plan forms are adequate; and

(B) any rate schedule increases for long-term care benefit plans made after issuance of the plans are justified, adequate, and reasonable in relation to benefits provided to plan holders;

(2) requiring any appropriate plan terms;

(3) imposing penalties on insurers or other entities subject to this chapter that violate a rule adopted under this section; and

(4) protecting plan holders affected by a rate schedule increase.

(b) Repealed by Acts 2017, 85th Leg., ch. 432 (S.B. 1492), § 1.

(c) In adopting rules under this section, the commissioner may exempt long-term care benefit plans from the requirements of Sections 1651.053(a), (b), and (d).

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 1651.055. Rate Stabilization - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1651-055/

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