The National Association of Insurance Commissioners (NAIC) is setting up a body that will focus on new long-term care (LTC) planning products and strategies.
Members of the Senior Issues Task Force, an arm of the NAIC’s Health Insurance and Managed Care Committee, agreed to set up a new LTC subgroup Thursday, during the task force session at the NAIC’s fall meeting in National Harbor, Md.
The task force has tentatively decide to call the new panel the Long-Term Care Innovation Subgroup. The subgroup will “address the future of long-term care (LTC) and examine innovations,” according to the official meeting summary.
The task force also endorsed a revision of the model personal long-term care insurance (LTCI) worksheet that’s included in the NAIC’s LTCI model regulation guidance manual. In states that adopt the model worksheet, LTCI issuers are supposed to make sure consumers who fill out the worksheet see and consider information about the issuer’s actual premium increases.
Members of another NAIC panel, the Long-Term Care Actuarial Working Group, convened at the NAIC meeting Wednesday. The actuarial working group heard a presentation from Fred Anderson, a Minnesota regulator, on a proposal for establishing a process that could make states’ LTCI rate reviews more uniform.
The actuarial working group’s pricing subgroup has been talking about small blocks of LTCI business, closed blocks of LTCI business, and experience-rated, vanishing-premium LTCI products, according to that working group’s meeting summary.