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Consumer rep seeks standard LTCI issuer insolvency notice

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A Sacramento, California-based patient advocacy group says someone should set standards for the information consumers get when long-term care insurance issuers fail.

The Senior Issues Task Force, part of the Kansas City, Missouri-based National Association of Insurance Commissioners, heard a request for that Saturday in Miami Beach, Florida.

California Health Advocates, the advocacy group, said the task force ”or some entity [should] develop clear explanatory general guidelines for consumers who receive notices from insolvent companies,” according to a task force meeting summary report.

Regulators in Pennsylvania recently converted the rehabilitation proceedings for Penn Treaty Network America and a sister company into liquidation proceedings.     

Related: Consumer rep raises LTCI disclosure concerns

The task force also approved a proposal to develop a model law for short-term care insurance, through a new Short Duration Long-Term Care Policies Subgroup.

NAIC is a group for regulators, not a government agency. States can use any models NAIC develops as the basis for their own laws and regulations, but states often decide to write their own laws or regulations, adopt no new laws or regulations, or combine provisions from NAIC models with provisions of their own.


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