The National Association of Insurance Commissioners (NAIC) has set up Web pages for two long-term care (LTC) planning product regulatory units.
The Senior Issues Task Force, an arm of the NAIC’s Health Insurance and Managed Care Committee, has posted a site for the Long Term Care Disclosure Subgroup here, and a site for the LTC Innovation Subgroup here.
The sites give information about subgroup conference call meetings, minutes from earlier meetings, and, in some cases, copies of documents reviewed at the meetings.
The NAIC is a group for insurance regulators. The NAIC has no official, direct authority to change state’s insurance laws and regulations, but state regulators and legislators often base their insurance regulatory proposals and bills on the NAIC models.
The LTC disclosure subgroup, which has been holding formal meetings for about a year, is supposed review the NAIC’s existing long-term care insurance (LTCI) disclosure requirements models, recommend any changes needed to the models, and consider any additional LTCI product disclosure changes that might be needed when an issuer sells a policy, issue a policy or changes policy rates.
The innovation subgroup, a body formed at the NAIC’s fall meeting in National Harbor, Md., is supposed to assess the role the private insurance market should play in paying for LTC services, review alternative products, examine whether NAIC models or federal requirements need to be changed, and work with insurers, consumers and consumer groups to shape any private LTCI market that exists in the future.
See also: Regulators to form LTC future tracker