Virginia HB997 regulates long-term care insurance premium rate increases and establishes a cap.
Virginia HB997 sets regulations for long-term care insurance premium rate increases, prohibiting additional increases once they reach a certain percentage of the original premium. The bill mandates that the Virginia State Corporation Commission review and approve benefits for long-term care, and it requires the commission to establish a cap on premium rate increases. The regulations also prohibit rate increases beyond a specified percentage of the original premium of any long-term care insurance policy.
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- Legal Framework
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