SCS/SB 979 - Under this act, no insurance company shall issue any policy or certificate of long-term care insurance in this state, unless the classification of risks and the premium rates pertaining to such policy have been filed with and approved by the director. Under the terms of the act, rates for long-term care insurance shall not be excessive, inadequate, or unfairly discriminatory. Rates charged to any policyholder or certificate holder shall not increase by more than 15% during any annual period, unless the insurer can clearly document a material and significant change in the risk characteristics of all of its in force long-term care insurance policies or certificates. When formulating rates for long-term care insurance, consideration shall be given to: (1) Past and prospective loss experience; (2) Past and prospective expenses; (3) Adequate contingency reserves; and (4) All other relevant factors within and without the state. The director shall approve or disapprove a rate filing within 45 days after the filing. The failure of the director to take action approving or disapproving a submitted rate filing within the stipulated time shall be deemed an approval until such time as the director shall notify the submitting company of his or her disapproval. Reasons for disapproving a rate shall be stated in writing. Any notice of disapproval shall state that a hearing shall be granted, if requested by the insurer. STEPHEN WITTE