State insurance regulators want feedback on their efforts to create financial analysis guidelines for actuaries who are looking at blocks of long-term care insurance policies.
The subgroup is part of the National Association of Insurance Commissioners, a Kansas City, Missouri-based group for state insurance regulators. The subgroup hopes to set standards actuaries can use when they’re deciding whether the assets backing a collection of stand-alone long-term care insurance policies are adequate.
Comments on the new draft are due March 22.
In the 1990s, many insurers were writing LTCI coverage. Now, only a few are still writing policies. The number of policies still in force at the insurers that got out of the market years ago is shrinking. For the valuation subgroup, one question has been how to handle testing for small blocks of in-force business.