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March 26, 2019 at 02:40 PM
A new long-term care insurance (LTCI) issuer financial reporting rule, Actuarial Guideline 51, is giving a team of state insurance regulators new ideas about how U.S. LTCI issuers are really doing.
Fred Andersen, a Minnesota insurance regulators, talked about the new AG 51 data stream today in Chicago, at a session at the Intercompany Long Term Care Insurance Conference.
(Related: Regulators Post LTCI Reserve-Testing Draft)
Members of the National Association of Insurance Commissioners (NAIC), a group for state insurance regulators, have adopted AG 51 and set it to begin applying to LTCI issuers’ 2017 operations.
The new actuarial guideline applies only to issuers with large amounts of stand-alone LTCI, not to small blocks of LTCI business, and not to products that combine long-term care benefits with life insurance or annuities.
Insurers submitted about 50 filings for 2017 to the NAIC’s Valuation Analysis Review Group, Andersen said.
The NAIC has promised to keep the filings confidential, and it’s just starting to think about the release of industrywide data, Andersen said.
But Andersen did say that he now believes that LTCI issuers as a whole have about $140 billion in total reserves, after double counting for reinsurance arrangements is filtered out.
