AN ACT relating to insurance; establishing requirements for long-term care insurance; and providing for an effective date.
Enacted
This bill passed the Legislature and reached final enactment based on the latest official action.
Sponsor
Senator Kinskey
Last action
2020-03-24
Official status
enrolled
Effective date
7/1/2020
Plain English Breakdown
Checked against official source text during the last sync.
Long-term Care Insurance Requirements
This law sets rules for long-term care insurance, requiring any increase in premiums to be based on accepted financial principles and approved by the Insurance Commissioner.
What This Bill Does
Creates new requirements for long-term care insurance.
Requires that all premium rate increases must follow accepted actuarial practices.
Makes sure that any changes to premium rates need approval from the Insurance Commissioner.
Sets an effective date of July 1, 2020.
Who It Names or Affects
Insurance companies offering long-term care insurance
People who buy long-term care insurance
Terms To Know
Actuarial principles and practices
Financial rules used to predict future costs based on past data.
Insurance Commissioner
A government official who oversees insurance companies in the state.
Limits and Unknowns
The law only applies to long-term care insurance and does not cover other types of insurance.
It is unclear how strictly these rules will be enforced or what penalties might apply for non-compliance.
Amendments
These notes stay tied to the official amendment files and metadata from the legislature.
Standing Committee • Senate Labor, Health and Social Services Committee
Adopted
Plain English: The amendment removes certain lines from the bill text and adds a new requirement for long-term care insurance premium rate increases to follow specific actuarial standards.
Removes lines 13 through 15 on page 1 of the original bill.
Removes lines 1 through 4 on page 2 of the original bill.
Adds a new requirement that long-term care insurance premium rate increases must be based on accepted actuarial principles and practices.
The exact content removed from the deleted lines is not provided, so it's unclear what specific information or requirements were in those sections of the bill.
Bill History
2020-03-24Governor
Governor Signed SEA No. 0048
2020-03-24LSO
Assigned Chapter Number 131
2020-03-12House
H Speaker Signed SEA No. 0048
2020-03-11Senate
S President Signed SEA No. 0048
2020-03-11LSO
Assigned Number SEA No. 0048
2020-03-11House
H 3rd Reading:Passed 54-5-1-0-0
2020-03-10House
H 2nd Reading:Passed
2020-03-09House
H COW:Passed
2020-03-06House
H Placed on General File
2020-03-06House
H07 - Corporations:Recommend Do Pass 9-0-0-0-0
2020-03-03House
H Introduced and Referred to H07 - Corporations
2020-03-02House
H Received for Introduction
2020-02-27Senate
S 3rd Reading:Passed 29-1-0-0-0
2020-02-26Senate
S 2nd Reading:Passed
2020-02-25Senate
S COW:Passed
2020-02-24Senate
S Placed on General File
2020-02-24Senate
S10 - Labor:Recommend Amend and Do Pass 5-0-0-0-0
2020-02-13Senate
S Introduced and Referred to S10 - Labor 22-8-0-0-0
2020-02-12Senate
S Received for Introduction
2020-02-11LSO
Bill Number Assigned
Official Summary Text
Bill Summary - 20LSO-0481
Bill No.:
SF0123
Effective:
7/1/2020 12:00:00 AM
LSO No.:
20LSO-0481
Enrolled Act No.:
SEA No. 0048
Chapter No.:
131
Prime Sponsor:
Kinskey
Catch Title:
Long-term care insurance.
Subject:
Insurance for long-term care
.
Summary/Major Elements:
The act establishes regulatory requirements for long-term care insurance. It provides that all long-term care insurance premium rate increases must be both approved by the Insurance Commissioner and based on accepted actuarial principles and practices.
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Current Bill Text
Read the full stored bill text
20LSO-0481
ORIGINAL Senate
File No
.
SF0123
ENROLLED ACT NO. 48,
SENATE
SIXTY-FIFTH LEGISLATURE OF THE STATE OF WYOMING
2020 Budget Session
AN ACT relating to insurance; establishing requirements for long-term care insurance; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 26
‑
38
‑
105 by creating a new subsection (r) is amended to read:
26
‑
38
‑
105.
Disclosure and performance standards for long
‑
term care insurance.
(r)
Long-term care insurance premium rate increases shall be based on accepted actuarial principles and practices. All long
‑
term care insurance premium rate increases shall be subject to the approval of the commissioner.
Section 2
.
This act is effective July 1, 2020
.
(END)
Speaker of the House
President of the Senate
Governor
TIME APPROVED: _________
DATE APPROVED: _________
I hereby certify that this act originated in the Senate.
Chief Clerk
1