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March 06, 2012 at 11:16 AM
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.
