LTC Model Revision Targets Areas For Review
Regulators working on revising the long term care insurance model regulation and act have targeted a number of areas for review.
In discussions that took place here during the fall meeting of the National Association of Insurance Commissioners, some of the areas touched on were: a review of definitions such as assisted living; policy flexibility; agent education and training; reporting requirements and dissemination of information to consumers, as well as group insurance issues.
During discussions, Van Ellet, a representative with AARP, Washington, said that agent training is a big issue because “an awful lot of agents dont understand the product or the context in which it is sold.” It would be valuable to see information on this topic, he added.
The discussion also touched on what sort of complaints insurance departments are receiving from consumers who own long term care contracts.