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NAIC panel adds LTCI, disability charges

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The National Association of Insurance Commissioners (NAIC) has added a disability insurance item and a long-term care insurance (LTCI) to a key panel’s official list of charges.

The NAIC’s Health Actuarial Task Force now is responsible for working with the Society of Actuaries and the American Academy of Actuaries to development a replacement for the 1985 Commissioners Individual Disability Income Table.

The list of 2012 charges had already included an entry calling for the task force to work with the actuarial groups to develop a replacement for the 1987 Commissioners Group Disability Income Table.

The table could affect the price of disability coverage and, in some cases, give insurers the ability to use more variables when analyzing, designing and pricing coverage.

The task force also is supposed to open the Health Insurance Reserves Model Regulation to accommodate LTCI reserving changes recommended by the NAIC’s LTC Actuarial Working Group.

Some observers have suggested that changing LTCI reserving rules might improve LTCI rate stability.

The NAIC has designated both the individual disability charge and the LTCI reserve charge as “important.”

At the NAIC, the official charges form the framework for a panel’s regulatory agenda.

The NAIC adopted a list of charges for the HATF panel and other NAIC panels at a recent meeting of the group’s executive committee and its plenary — the body that includes representatives of all voting members of the NAIC.

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