The Indiana Department of Insurance has filed a notice stating that it is withdrawing from the Long Term Care Interstate Compact Uniform Standards.
Stephen Robertson, who officially became Indiana commissioner Tuesday, notified the Interstate Insurance Production Regulation Commission (IIPRC) in September that Indiana would be opting out of the new long term care (LTC) insurance standards.
The IIPRC is a body created by the National Association of Insurance Commissioners, Kansas City, Mo., that is trying to reduce the need for an insurer to file separate applications for the same product in many different states.
The IIPRC tries to come up with filing standards that all compact member jurisdictions can support and give insurers the ability to submit eligible filings to just one office.
The IIPRC approved new IIPRC LTC standards in August.
Indiana believes that its current rules give holders of LTC insurance coverage more protection against inflation and gives LTC insurance holders more flexibility when they are deciding how to coordinate the private coverage with Medicaid nursing home benefits.
The Indiana department must adopt a rule to opt out of the uniform standard, and it needs about 6 months to complete the rulemaking process, Robertson says.
- Allison Bell