Amends GS 58-51-95 to specify that the types of policies to which this statute applies are listed in subsection (j) of GS 58-51-95.

Provides that no rate revision for policies subject to GS 58-51-95 (hereinafter, this section), may become effective unless the insurer has provided a written notice whichincludes an explanation to the insured, approved by the Commissioner of Insurance (Commissioner), as to why the insurer requested the rate increase, 45 days before the revision becomes effective.

Enacts new subsections (f1), (f2), (f3), and (f5) regarding criteria to be met for rate revision requests applicable to long-term care policies including capping the rate increase to 10% in any calendar year. Specifies in new subsection(f2) additionalrequirements for rate revisions intended to apply to long-term care policies issued before February 1, 2003, and addresses rate revisions intended to apply to long-term care policies issued after January 31, 2003, in new subsection (f3). Provides in new subsection (f4) criteriafor calculating the anticipated lifetime loss ratio for purposes of proposed subdivision (f2)(2) and subsection (f3) of this section, both dealing with findings by the Commissioner that a rate revision to certain long-term care policies are excessive.

Authorizes the Commissioner to waive specified requirements regarding rate revision requests in proposed (f1), (f3), (f5) and (f2)(2), if the Commissioner determines that the solvency of the insurer is threatened.

Adds new subsection (f7) to provide for rate revisions applicable to long-term care policies issued after January 1, 2014, where the non-forfeiture offer required under GS 58-55-31 is rejected, thereby triggering a contingent non-forfeiture benefit. Specifies that a contingent non-forfeiture benefit on lapse is triggered whenever (1) aninsurer increases the premium rates to a level which results in a cumulative increase of the annual premium equalto or exceeding the percentage of the insured's initial annual premium based on the insured's issue age and (2) the policy or certificate lapses within 120 days of the due date of the increased premium. Provides a listing of the triggers for contingent non-forfeiture benefit based on the issue age of the insured. Provides criteria regarding the application and use of contingent non-forfeiture benefits.

Current law requiresan insurerproviding policies in North Carolina that are subject to this section, at minimum, to file annually for approval of its rates, rating schedules, and supporting documentation to show compliance with the applicable loss ratio standards adopted by the Commissioner. Requires that the annual filing for long-term care policies issued before February 1, 2003, be submitted before October 1 of each year. Provides that if the current rates included in the filing of rates and rating schedules are limited by the new subsections (f1), (f3), (f5), or subdivision (f2)(2) of this section, the actuary may modify the certification statement as necessary to reflect those limits.

Effective July 1, 2013, and applies to rate revisions submitted to the Commissioner on or after that date.