VA HB 997
Status unknownLong-term care insurance; premium rate increases, regulations.
Virginia · 2026 Regular Session · lower
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Quick answers
Did VA HB 997 pass?
The current status of VA HB 997 is not known from the official record. Latest recorded action (2026-02-12): Continued to next session in Labor and Commerce (Voice Vote)
What is VA HB 997 about?
Long-term care insurance; premium rate increases; regulations. Requires regulations promulgated by the State Corporation Commission for long-term care insurance rates to (i) provide a cap on premium rate schedule increases; (ii) require any capped premium rate schedule increase to be spread by the insurer over a period of not less than five years, during which time no further rate schedule increases may be requested; and (iii) prohibit additional premium rate schedule increases after prior cumulative rate schedule increases amount to 250 percent of the original premium. Under the bill, no additional rate increases shall be approved for a long-term care insurance policy that has already reached or surpassed the limit of 250 percent of its original premium. The bill directs the Commission to adopt regulations to implement the provisions of this act, including by establishing a regulatory cap on premium rate schedule increase for long-term care insurance policies that is no more than 30 percent of the maximum amount of premium rate schedule increase permitted under current regulations, as calculated on the request date of the premium rate increase.
Who sponsors VA HB 997?
Holly M. Seibold is the primary sponsor of VA HB 997.
Description
Long-term care insurance; premium rate increases; regulations. Requires regulations promulgated by the State Corporation Commission for long-term care insurance rates to (i) provide a cap on premium rate schedule increases; (ii) require any capped premium rate schedule increase to be spread by the insurer over a period of not less than five years, during which time no further rate schedule increases may be requested; and (iii) prohibit additional premium rate schedule increases after prior cumulative rate schedule increases amount to 250 percent of the original premium. Under the bill, no additional rate increases shall be approved for a long-term care insurance policy that has already reached or surpassed the limit of 250 percent of its original premium. The bill directs the Commission to adopt regulations to implement the provisions of this act, including by establishing a regulatory cap on premium rate schedule increase for long-term care insurance policies that is no more than 30 percent of the maximum amount of premium rate schedule increase permitted under current regulations, as calculated on the request date of the premium rate increase.
- Introduced
- 2026-01-14
- Latest action
- 2026-02-12 — Continued to next session in Labor and Commerce (Voice Vote)
- Bill type
- bill
- Last updated
- —
Sponsors
- Holly M. Seiboldprimary
Committees
Not provided by source.
Action timeline
Newest first
2026-02-12
Continued to next session in Labor and Commerce (Voice Vote)
2026-02-10
Subcommittee recommends continuing to (Voice Vote)
2026-01-22
Assigned HCL sub: Subcommittee #1
referral-committee
2026-01-14
Referred to Committee on Labor and Commerce
referral-committee
2026-01-14
Prefiled and ordered printed; Offered 01-14-2026 26100506D
filing,introduction
Versions
- IntroducedCompare
Documents
Votes
Not provided by source.
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T05:35:59.552682Z
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