69O-157.005. Qualified Right of Renewal

No long-term care policy may contain a renewal provision less favorable to the insured than a right of renewal upon timely payment of premium, except that rates may be revised by the insurer on a class basis. However, the Office may authorize nonrenewal on a statewide basis, on terms and conditions deemed necessary by the Office, to best protect the interests of the insureds, if the insurer demonstrates: (1) That renewal will jeopardize the insurer’s solvency; or (2) That: (a) The actual paid claims and expenses have substantially exceeded the premium and investment income associated with the policies; and (b) The policies will continue to experience substantial and unexpected losses over their lifetime; and (c) The projected loss experience of the policies cannot be significantly improved or mitigated through reasonable rate adjustments or other reasonable methods; and (d) The insurer has made repeated and good faith attempts to stabilize loss experience of the policies, including the timely filing for rate adjustments.