State regulators may require issuers of long-term care insurance (LTCI) to get more advice from actuaries when setting and changing rates. Members of the Health Insurance and Managed Care Committee at the National Association of Insurance Commissioners (NAIC) have agreed to approve a draft of proposed changes to the group's Long-Term Care Insurance Model Regulation.
California voted against adoption, officials say. Many insurers once bragged that they never raised their LTCI rates. Since 2005, however, insurers in the market have asked for a series of big increases.