State insurance regulators are getting ready to vote on proposals that could affect the ability of long-term care insurance (LTCI) issuers to set initial product prices and pass increases on to policyholders.
The National Association of Insurance Commissioners (NAIC) has put a package of amendments to Long-Term Care Insurance Model Regulation (Number 641) on the agenda for the next session of its executive committee and plenary. The NAIC plans to hold the session Aug. 19, at its summer meeting in Louisville, KY.
The regulators who created the LTCI rate package want insurers to provide more actuarial analysis when they set product prices, to show that the prices can hold up even in bad conditions. They also want insurers to do more to justify any requests for increases in premiums for in-force policies.
See also: Massachusetts drafts LTCI rate regs