The National Association of Insurance Commissioners (NAIC) is moving ahead with an effort to develop a consistent national approach to long-term care insurance (LTCI) rate change reviews
The NAIC has started hiring an actuarial services provider to help with the process of gathering and analyzing the data needed to support the LTCI rate review project.
The Kansas City, Missouri-based regulator group posted a request for proposals (RFP) from actuarial services providers on its website earlier this week.
The actuarial services provider must collect data from 19 insurers selected by regulators from the seven states overseeing the LTCI rate review project data call.
Proposals from the actuarial services providers are due Dec. 11. The NAIC hopes to select a services provider in mid-February, according to the RFP.
James Woody, the NAIC’s chief financial officer, signed the letter introducing the RFP.
The NAIC’s Long-Term Care Insurance Task Force “is charged with developing a consistent national approach for reviewing long‐term care insurance rates that results in actuarially appropriate increases being granted by the states in a timely manner and eliminates cross‐state rate subsidization,” according to the “scope of work section” in the RFP.
The Task Force
The NAIC set up the task force earlier this year. The task force is part of the NAIC’s Executive Committee.