The Indiana Department of Insurance has told the Interstate Insurance Production Regulation Commission (IIPRC) that it will be opting out of new long term care (LTC) insurance standards.
Stephen Robertson, the acting Indiana insurance commissioner, has sent IIPRC Executive Director Karen Schutter a letter formally notifying her of the Indiana department’s decision to opt out of the standards.
The IIPRC is a body created by the National Association of Insurance Commissioners, Kansas City, Mo., that oversees an operation that takes in insurance filings for participating jurisdictions. The goal is to reduce the need for insurers to file similar forms in many different states.
The IIPRC approved new IIPRC LTC standards in August, during a joint meeting of the IIPRC and its management committee. In states that adopt the standards, they will apply only to new products filed with the IIPRC. The new standards will not apply to existing LTC products or to closed blocks of business.
Indiana is different from other states, because it is one of 4 states that participated in the original “LTC Partnership” pilot program, Robertson says.
The pilot program, and a national program based on the pilot program, encourage consumers to buy private LTC insurance by coordinating private LTC benefits