Filed Under:Health Insurance, Ltci

Senior panel to consider LTCI model update

State insurance regulators will be considering two long-term care insurance (LTCI) rate regulation efforts at an upcoming meeting.

The Senior Issues Task Force, an arm of the National Association of Insurance Commissioners (NAIC), has put proposed changes to the NAIC's LTCI model regulation and a proposed model LTCI rate increase bulletin on the agenda for a two-day LTCI meeting.

In a drafting note, drafters say the task force would like help from the American Academy of Actuaries with developing the minimum standards that an insurer could use to justify having the composite margin be less than 10 percent.

If a state adopted the proposed revisions, an insurance commissioner would have to get the actuarial memorandum supporting an insurer's LTCI prices reviewed either by an insurance department actuary with LTCI pricing experience or by an independent LTCI pricing actuary.

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Nichole Morford

Nichole Morford
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