State insurance regulators are getting ready to collect data that could shape a dispute over how some states handle requests for long-term care insurance (LTCI) rate increase requests.
The National Association of Insurance Commissioners (NAIC) says it plans to pay a contractor $110,000 to collect detailed, state-by-state LTCI rate information.
The contractor will begin developing the LTCI rate “data call,” or questionnaire, in February, according to a data call project impact statement posted on the NAIC’s website.
- A link to the LTCI rate data call fiscal impact statement is available here.
The contractor will complete gathering data by June, and report on the results in August, in Minneapolis, at the NAIC’s summer meeting, according to the impact statement.
The NAIC is putting the impact statement through a public comment period that ends Jan. 28.
The NAIC is a Kansas City, Missouri-based group for state insurance regulators. It cannot normally change state laws or regulations itself, but states often start with NAIC models when developing their insurance laws and regulations.
NAIC members will vote on the $110,000 LTCI data call project in February, at the 2020 Commissioners Conference, according to the NAIC.
Insurers made a big push to sell stand-alone LTCI policies in the 1990s and early 2000s.