“New NAIC Long-Term Care Insurance Squad May Keep Some Work Private,” by Allison Bell, ThinkAdvisor

“State insurance regulators might keep part of a major new long-term care insurance (LTCI) rate review regulation effort behind closed doors. The National Association of Insurance Commissioners formed a top-level Long-Term Care Insurance Task Force in April, to get the heads of state insurance regulatory agencies directly involved with addressing LTCI issuers’ plea for states to handle LTCI premium increase requests in a similar way. Thirty-six states agreed to join the task force, and 25 commissioners cared enough to show up for an in-person meeting in June, Scott White, the task force chairman, said today in New York, at a task force session at the NAIC’s summer national meeting. White, the Virginia insurance commissioner, said task force members have formed work streams focusing on six topics: how states can coordinate LTCI regulation; state guaranty fund coverage cap issues; LTCI benefits reduction options aimed at policyholders facing big rate hikes; concerns about the interaction between rate increase issues and reserving issues; non-actuarial concerns that may affect how states respond to LTCI rate increase requests; and gathering the data needed to support the task force.”

 

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Better late than never?