Regulators want to know everything they can about insurers that are trying to increase long-term care insurance (LTCI) prices, and insurers want the regulators to keep much of that information private.
The confidentiality battle is flaring up at the Long-Term Care Pricing Subgroup, part of the National Association of Insurance Commissioners (NAIC), as the subgroup drafts a revision of the NAIC’s Long-Term Care Guidance Manual.
Insurers have been asking for many LTCI rate increases in recent years, and the NAIC changed its pricing regulations in August 2014. The revised regulations call for insurers to provide much more information from actuaries about how insurers have set the prices for new and in-force policies, and much more information about the reasons for any rate increases requested.
The pricing subgroup has developed a template LTCI insurers could use to provide the information. The subgroup recently posted a draft on its section of the NAIC website. Comments are due March 24.