FOR IMMEDIATE RELEASE
STATE INSURANCE REGULATORS WORK ON LONG-TERM CARE
NAIC meeting addresses
insurance rate increases for seniors.
WASHINGTON, D.C. (June 11, 2013) -The National Association of Insurance
Commissioners (NAIC) today concluded an Interim Meeting on long-term care
insurance regulatory developments. The work session, held in Reston, VA,
was hosted by the Senior Issues Task Force of the Health Insurance and
Managed Care Committee.
"State insurance regulators have been working to address the complicated
pricing issues surrounding long-term care insurance as both life expectancy
and long-term care costs go up," said Scott Kipper, Nevada Insurance
Commissioner, who chaired the meeting. "State insurance departments,
consumers and companies all seek to work together to find the best
approaches to addressing complex issues surrounding long-term care rate
The focus of the meeting was two-fold: 1) addressing rate increases on
older policies sold several years ago and 2) looking at the regulatory
framework to improve stability of rates for policies going forward. As they
discussed these topics, the task force received feedback from consumer
representatives, insurance companies and stakeholders.
"Medicare generally does not cover long-term care, and not everyone
qualifies for Medicaid," said Adam Hamm, NAIC President-Elect and North
Dakota Insurance Commissioner. "Many people have purchased long-term care
insurance policies, so as regulators we must be sure that policyholders are
treated fairly and that insurers are able to meet their obligations when
claims come due."
The meeting, designed to advance solutions in the market, follows a
public hearing held last November that identified issues for the task force
to address. Audio files and meeting materials from both hearings are
available on the NAIC website.