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April 02, 2012 at 07:35 PM
Lobbyists for the National Association of Insurance and Financial Advisors (NAIFA) and the American Council of Life Insurers (ACLI) have persuaded Hawaiian lawmakers to soften a life-linked long-term care (LTC) benefits study bill.
The new version of the bill, Senate Concurrent Resolution 44, adopted Friday by the Senate Human Services Committee, asks the state insurance commissioner to form a task force to look into the feasibility of using life settlements, viatical settlements and accelerated life insurance policy death benefits to pay for LTC services.
The old version implied that Hawaii might require insurers to make accelerated death benefits provisions a standard life policy feature.
The lead sponsor of S.C.R. 44 is state Sen. Suzanne Chun Oakland D-Sand Island, the chairman of the Human Services Committee.
Hawaiian lawmakers have been considering a number of long-term care insurance (LTCI) bills that grew out of the work of a Hawaii Long-Term Care Commission.
One bill could create a Long Term Care Partnership program in Hawaii. Another could create a task force that would explore the feasibility of setting up some kind of limited government LTC program.
Cynthia Takenaka, executive director of the NAIFA Hawaii chapter of the National Association of Insurance and Financial Advisors, noted in a written comment on S.C.R. 44 that Hawaii has not adopted the standard accelerated death benefits law developed by the National Association of Insurance Commissioners, Kansas City, Mo.
