Nevada has decided to start using the individual long-term care insurance standards developed by the Interstate Insurance Product Regulation Commission (IIPRC).
The move means that LTCI carriers can now add Nevada to the list of states covered by individual LTCI product filings sent to the IIPRC.
The carriers will no longer have to develop separate filings for Nevada.
States created the IIPRC to give insurers one centralized place they can use to submit filings to all participating states at the same time.
Puerto Rico and 42 states have joined the IIPRC. Some large states — including California, Florida and New York — have not joined the IIPRC. Some states have chosen to opt out of using some IIPRC standards.
In 2011, when Nevada state lawmakers enacted the state law that let Nevada join the IIPRC, they included a provision that called for the state to opt out of the LTCI standard.
A new Nevada state law, created by Assembly Bill 435, lifts the opt-out provision.
Insurers can now add Nevada to all new, pending and previously approved individual LTCI product filings submitted to the IIPRC, IIPRC officials say.