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Life Health > Long-Term Care Planning

NAIC to consider LTCI market conduct forms

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Top bodies at the National Association of Insurance Commissioners (NAIC) have put three items related to private long-term care insurance (LTCI) on their agenda for the NAIC’s upcoming fall meeting.

The NAIC’s executive committee and its plenary — a body that includes all voting NAIC members — plan to consider adopting the widely discussed Long-Term Care Premium Rate Increase Model Bulletin at a joint session Dec. 18.

Sandy Praeger of Kansas is in charge of the rate increase bulletin proposal.

The executive committee and the plenary also plan to consider adopting a stand-alone long-term care blank for the Market Conduct Annual Statement and a separate market conduct blank for hybrid long-term care products.

Sharon Clark of Kentucky is handling the LTC blank measures.

The stand-alone LTCI blank, for example, would ask an insurer about the number of policies in force at the beginning of the reporting period, the number of new policies issued, the number of lapses, the number of rescissions, the number of policies still in force at the end of the reporting period, and the number of consumer complaints.

A section of questions on claim denials would ask insurers about the reasons for the denials.

Still, other sections of questions would deal with matters such as claim request determination timeliness, benefit payment request timeliness and lawsuits.

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