A group of state regulators has adopted uniform standards for states that want to use the Interstate Insurance Product Regulation Commission to review individual long term care insurance products.
The IIPRC adopted the standards during in Seattle during a joint meeting of the IIPRC and its management committee.
The standards have been in development for several years and have been the subject of two public hearings since the IIPRC inaugurated its formal rule-making process for individual LTC policies in January, officials say.
“Adopting these standards is significant for our long term care markets,” says IIPRC Chair Mary Jo Hudson, the Ohio insurance director. “States and their consumers will benefit from having these products thoroughly reviewed under standards that include strong readability requirements, consumer-friendly benefit trigger requirements, and prohibition of mental health and nervous disorder exclusions.”