NAIC LTCI Task Force Adopts Revised RBO Checklist, Receives Update on Industry Trends

NAIC’s Long-Term Care Insurance (LTCI) Task Force recently adopted a revised checklist for regulators to use when drafting and reviewing LTCI reduced benefit options (RBO) policyholder communications. The checklist is meant to provide regulatory guidance only (i.e. does not carry the weight of law) and can be used with the RBO Communication Principles. Following the most recent exposure, the task force established a drafting group made up of consumer groups and regulators from California, Pennsylvania, Vermont, and Virginia. The drafting group incorporated some changes in response to stakeholder feedback – those changes are highlighted in Attachment Two of the Meeting Materials.

Fred Andersen (MN) provided an update on industry trends in light of regulators’ review of year-end 2021 reserve adequacy filings. Here were the main takeaways from Andersen’s report:

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NAIC LTCi Task Force Adopts MSA Framework, Wellness Document and Policyholder Communication Checklist

At its recent Fall 2021 National Meeting, the National Association of Insurance Commissioners’ (NAIC) Long-Term Care Insurance Task Force adopted the following items:

  • the revised LTCI Multistate Rate Review Framework (MSA Framework);
  • the LTC Wellness Benefits Document (See Attachment Six of the Meeting Materials, page 65); and
  • the Checklist for Premium Increase Communications (See Attachment Seven of the Meeting Materials, page 82). The MSA Framework will be considered by Exec/Plenary at the 2022 Spring National Meeting.

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