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NAIC Debates Could Affect Group LTC

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NU Online News Service, March 26, 2:59 p.m. — Reno, Nev.

Officials here for the spring meeting of the National Association of Insurance Commissioners, Kansas City, Mo., talked about a number of topics that could affect the group long-term care insurance market.

One is development of a long-term care insurance guidance manual that will help regulators implement the NAIC’s long-term care insurance model regulation, according to Julia Philips, a life and health actuary with the Minnesota Department of Commerce.

Another is an effort to make states’ definitions for terms such as “assisted living” more standard.

That effort affects the individual market as well as the group market, but it could also help sponsors of group LTC programs, by eliminating some of the many differences that can make policy benefits in one state different from policy benefits in another state.