Filed Under:Health Insurance, Disability

Insurers seek disability table delay

The American Council of Life Insurers (ACLI) and America's Health Insurance Plans (AHIP) are asking state regulators for more time to adjust to new group long-term disability (LTD) insurance standards.

The ACLI and AHIP have asked the National Association of Insurance Commissioners (NAIC) to push back the official adoption date for the new 2012 Group LTD Table.

The date would move from Jan. 1, 2014, to Jan. 1, 2017.

Insurers could choose to use the new table to set reserves for group LTD claims incurred starting Jan. 1, 2015.

The Health Actuarial Task Force, part of the NAIC's Health Insurance and Managed Care Committee, is working with outside actuaries to help the insurance industry replace the 1987 Commissioners Group Disability Income Table with a table based on new experience data.

The NAIC has been talking about requiring carriers to use more data from the official table rather than data based on their own insureds. 

An actuary with one large insurer suggested in October 2012 that the shift could lead to that insurer having to increase group LTD statutory reserves by $200 million.

See also:

Featured Video

Most Recent Videos

Behind the scenes with Vicki Gunvalson [VIDEO]

Provided by LIFEHEALTHPRO

In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI

Provided by LIFEHEALTHPRO

Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Protesters Disrupt WellPoint Annual Meeting

Provided by LIFEHEALTHPRO

Hecklers call for more disclosures of information about political contributions.

Related resources

More Resources

Comments

Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.