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.
Other provisions would require insurers to monitor experience more closely and to do more to justify requests for increases. Issuers also would have to give consumers more information about the possibility of premium rate changes.
Public comments on the draft regulations are due Dec. 1.
The text of the draft is available here.