FOR IMMEDIATE RELEASE

Notice of Five-Year Review for Uniform Standards
Effective On or Before December 31, 2010

WASHINGTON, D.C. (7/2/2015) - Pursuant to Section 119 of the Rule for the Adoption, Amendment and Repeal of Rules for the Interstate Insurance Product Regulation Commission, the Product Standards Committee hereby commences the process to review certain Uniform Standards effective on or before December 31, 2010, as identified below.

Pursuant to the Procedures for Implementing § 119 of the Rulemaking Rule for Commission Review of Rules adopted on March 2, 2012, the Product Standards Committee is requesting comments on the need for continuation, repeal or amendment of the Uniform Standards included in this notice. Comments in favor of repeal or amendment should describe how circumstances or underlying assumptions have changed since the last time the rule was adopted or amended.  Written comments will be accepted until August 31, 2015 and will be posted to the IIPRC’s website.  Please do not include any personally identifiable information or confidential business information that you do not want publicly disclosed.

All comments may be submitted electronically to comments@insurancecompact.org or by mailing to IIPRC 444 North Capitol Street, NW, Suite 701 Washington DC 20001.

APPLICABLE RULES SUBJECT TO FIVE-YEAR REVIEW (The text of the rules and full rulemaking history may be found on the IIPRC’s Rulemaking Record).

 

Uniform Standards:

Individual Long-Term Care Application Standards  became effective December 1, 2010.  The Individual Long-Term Care Application Standards apply to paper, telephonic or electronic applications for coverage provided by individual long-term care insurance policy forms. These standards apply to new business applications as well as applications used to request changes to existing policies.

Standards for Forms Require to be Used with an Individual Long-Term Care Application became effective December 1, 2010 with amendments effective August 11, 2011.  The Standards for Forms Required to Be Used with an Individual Long-Term Care Insurance Application apply to forms required to be used with individual long-term care insurance applications, including suitability forms (Personal Worksheet and Things You Should Know Before You Buy Long-Term Care Insurance), Potential Rate Increase Disclosure Form, Replacement Notice and HIPAA Medical Authorization.

Standards for Individual Long-Term Care Application Change Form became effective December 1, 201.  The Standards for Individual Long-Term Care Insurance Application Change Form apply to forms that are used during the underwriting process to make changes to answers that had been provided by the applicant in paper, telephonic or electronic applications for coverage provided by individual long-term care insurance forms.

Core Standards for Individual Long-Term Care Policies became effective December 1, 2010. The Core Standards for Individual Long-Term Care Insurance Policies apply to products advertised, marketed or offered to provide benefits for one or more of the following: nursing home care, assisted living care or home health care and adult day care.

Individual Long-Term Care Insurance Standards for the Outline of Coverage became effective December 1, 2010.  The Individual Long-Term Care Insurance Standards for the Outline of Coverage apply to the  long-term care insurance outline of coverage required by Section 1A(1) of the Core Standards for Individual Long-Term Care Insurance Policies, as prescribed in Appendix A of these standards and Section 33 of the Model Regulation.

Rate Filing Standards for Individual Long-Term Care – Issue Age Rate Schedules Only became effective December 1, 2010 with amendments effective August 11, 2011. The Rate Filing Standards for Individual Long-Term Care Insurance - Issue Age Rate Schedules Only apply to initial rates and subsequent filings to increase premium rate schedules for individual long-term care insurance. Any product advertised, marketed or offered as long-term care insurance shall be subject to these standards when only issue age rate schedules are available. Long-term care insurance shall provide benefits for one or more of the following: nursing home care, assisted living care or home health care and adult day care. These standards apply to all policies, riders, endorsements and amendments subject to the Core Standard for Individual Long-Term Care Insurance Policies adopted by the Interstate Insurance Product Regulation Commission.

Rate Filing Standards for Individual Long-Term Care – Modified Rate Schedules became effective December 1, 2010 with amendments effective August 11, 2011.  The Rate Filing Standards for Individual Long-Term Care Insurance - Modified Rate Schedules apply to initial rates and subsequent filings to increase premium rate schedules for individual long-term care insurance. Any product advertised, marketed or offered as long-term care insurance shall be subject to these standards when modified rate schedules are filed for use and available for use as posted on the Interstate Insurance Product Regulation Commission web site. Long-term care insurance shall provide benefits for one or more of the following: nursing home care, assisted living care or home health care and adult day care. These standards apply to all policies, riders, endorsements and amendments subject to the Core Standards for Individual Long-Term Care Insurance Policies adopted by the Interstate Insurance Product Regulation Commission

Standards for Individual Long-Term Care Insurance Advertising Material became effective December 1, 2010.  The Standards for Individual Long-Term Care Insurance Advertising Material apply to all individual long-term care advertisements and advertising material, as defined in the standards, for use with individual long-term care insurance forms filed with or approved by the Interstate Insurance Product Regulation Commission.

Standards for Long-Term Care Insurance Benefit Features became effective December 1, 2010.  The Standards for Individual Long-Term Care Insurance Benefit Features apply to forms that include long-term care insurance benefit features that are built into an individual long-term care, life or disability insurance policy, or an individual annuity contract; or added to an individual long-term care, life or disability insurance policy, or an individual annuity contract by rider, endorsement or amendment.

Standards for Riders, Endorsements or Amendments Used to Effect Individual Long-Term Care Policy Changes became effective December 1, 2010.  The Standards for Riders, Endorsements or Amendments Used to Effect Individual Long-Term Care Insurance Policy Changes apply to riders, endorsements or amendments that are used to effect changes that have been requested for an individual long-term care insurance policy by the owner. Policy change forms may be attached to the individual long-term care insurance policy on the policy date of issue or after the policy date of issue.

About the Commission

Currently, 44 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, Arizona, Arkansas, Colorado, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

The IIPRC enables state insurance regulators to develop uniform national standards for asset protection insurance products, such as life insurance, annuities, disability income and long-term care insurance. The IIPRC establishes a central filing point for these insurance products, enhancing the speed and efficiency of regulatory decisions and allowing companies to compete more effectively in the modern financial marketplace, while continuing to provide protection for consumers.

For more information, visit www.insurancecompact.org.


You are currently subscribed to the "Interstate Insurance Product Regulation Commission News Release" electronic service. To unsubscribe from this service, send a blank e-mail to the Insurance Compact News Release service.


© 2014 Interstate Insurance Product Regulation Commission. All rights reserved.