HB1737 Requires long-term health care insurers to identify whether their policies are tax qualified and requires the Department of Insurance to put certain information in its buyers' guide.
Sponsor: Monaco, Ralph A. (49) Effective Date:00/00/0000
CoSponsor: Gaw, Steve (22) LR Number: 3383L.03P
Last Action: COMMITTEE: SENATE INSURANCE & HOUSING
04/11/2000 - Public Hearing Held (S)
HCS HB 1737
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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BILL SUMMARIES BILL TEXT
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Available Bill Summaries for HB1737 Copyright(c)
* Perfected * Committee * Introduced

Available Bill Text for HB1737
* Perfected * Committee * Introduced *

BILL SUMMARIES

PERFECTED

HCS HB 1737 -- LONG-TERM HEALTH CARE (Monaco)

This substitute requires any long-term care insurance policy to
clearly identify whether or not it is tax-qualified, pursuant to
federal law.  The substitute prohibits long-term care insurance
policies from offering coverage for abortion procedures or for
counseling that encourages abortion.  The substitute also
requires the Director of the Department of Insurance to include
in its long-term care insurance consumer guide information about
asset qualifications for each public program which provides or
funds long-term care; the tax consequences of different types of
policies; factors that affect rates; how some conditions or
events may trigger different benefits; rates of insurers
currently selling such insurance in Missouri; information and
reference guides available elsewhere; and any other relevant
information that may be helpful to consumers.

FISCAL NOTE:  Estimated Net Cost to Insurance Dedicated Fund of
$64,788 in FY 2001, $70,760 in FY 2002, and $72,656 in FY 2003.


COMMITTEE

HCS HB 1737 -- LONG-TERM CARE INSURANCE

SPONSOR:  Auer (Monaco)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Insurance
by a vote of 11 to 6.

This substitute requires any long-term care insurance policy to
clearly identify whether or not it is tax-qualified, pursuant to
federal law.  The substitute also requires the Director of the
Department of Insurance to include in its long-term care
insurance consumer guide information about the tax consequences
of different types of policies; factors that affect rates; how
some conditions or events may trigger different benefits; cost
comparisons on basic policies offered by companies currently
selling long-term care insurance in the state; information and
reference guides available elsewhere; and any other relevant
information that may be helpful to consumers.

FISCAL NOTE:  Estimated Net Cost to Insurance Dedicated Fund of
$64,788 in FY 2001, $70,760 in FY 2002, and $72,656 in FY 2003.

PROPONENTS:  Supporters say that the Department of Insurance
publishes its consumer guide on long-term health care too
infrequently.  It should be updated every year and contain more
information that consumers need to be able to accurately compare
policies.

Testifying for the bill were Representative Monaco; AARP; Life
Insurance Association of Missouri; and Metropolitan Life
Insurance Company.

OPPONENTS:  There was no opposition voiced to the Committee.

Richard Smreker, Legislative Analyst


INTRODUCED

HB 1737 -- Insurance

Co-Sponsors:  Monaco, Gaw, Auer, Williams (159), Harlan, Backer,
Seigfreid

This bill requires any long-term care insurance policy to
clearly identify whether or not it is tax-qualified, pursuant to
federal law.  The bill also requires the Director of the
Department of Insurance to include in the department's long-term
care insurance consumer guide information about:  the tax
consequences of different types of policies; factors that affect
rates; how some conditions or events may trigger different
benefits; rates of insurers currently selling such insurance in
Missouri; information and reference guides available elsewhere;
and any other relevant information that may be helpful to
consumers.


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Last Updated October 5, 2000 at 11:34 am