Some regulators want to change nonforfeiture provisions for limited-pay long term care insurance contracts.[@@]
The Life & Health Actuarial Task Force, an arm of the National Association of Insurance Commissioners, Kansas City, Mo., has approved an LTC nonforfeiture proposal here at the NAIC’s spring meeting.
The proposal, which still needs approval from the NAIC’s Senior Issues (B) Task Force, would affect the NAIC’s LTC insurance model regulation and the LTC insurance guidance manual.
Frank Dino, a Florida regulator, developed the proposal.