The Virginia State Corporation Commission is moving to update its long-term care insurance (LTCI) rate regulations.
The proposed changes, given in a document with the case number INS-2014-00238, are based in part on new model regulation changes approved by the National Association of Insurance Commissioners (NAIC), officials say.
One provision would give the commission the authority to conduct a public hearing on a premium rate increase proposal, or order an insurer to present information on a proposed increase before the commission, if the commission determines that a hearing or presentation is in the public interest.
“One consideration for a hearing may be the percentage or level of premium rate increase requested,” according to the draft regulation text.