Long-term care insurance (LTCI) filings accounted for 3%, or about 14, of the 464 filings the Interstate Insurance Product Regulation Commission (IIPRC) handled in 2011.
The IIPRC adopted standards for individual LTCI products in December 2010.
Four of the 41 states that participate in the Interstate Insurance Product Regulation Compact have taken formal steps to opt out of using the IIPRC to process LTCI filings, according to IIPRC Executive Director Karen Schutter.
“We all recognize [LTCI] is a challenging product line for states and companies,” Schutter writes in a letter at the beginning of the IIPRC’s 2011 annual report.
States created the compact in an effort reduce multi-state life insurers’ need to file separate, slightly different forms in each state in which they want to introduce a product or change product rates.
The IIPRC, the body that handles filings for the states that have joined the compact, began meeting in 2006 and adopted its first filing standards in December 2006. It now has standards for 70 individual, life, annuity and disability insurance products.
In the individual LTCI market, the IIPRC has standards for home care, home health care, nursing home, assisted living care, adult day care, nursing home care and home care, and nursing home and home health care policies.
The IIPRC also has standards for issue-age LTCI rate schedules and modified LTCI rate schedules.
The IIPRC gets most of its revenue from annual insurance company registration fees and product filing fees. Overall IIPRC product filing fee revenue increased to $274,127 in 2011, from $225,442 in 2010.
The total number of filings increased to 464, from 368, and the total number of forms that were filed increased to 1,588, from 1456.