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NEVADA LIFTS OPT-OUT OF LTC UNIFORM STANDARDS

WASHINGTON, D.C. (Oct. 1, 2013) - The Interstate Insurance Product Regulation Commission (IIPRC) is pleased to announce Nevada has removed its legislative opt-out of long-term care uniform standards.
     
Nevada joined the Commission in 2011, opting out of long-term care in its enabling legislation. Nevada’s insurance omnibus bill, AB435, allows companies to immediately add the state to new, pending and previously approved individual long-term care product filings submitted to the IIPRC.  
     
"I am a strong supporter of the foundation and principles of the IIPRC as it provides uniform, comprehensive product requirements and robust consumer safeguards for asset-protection insurance products," said Nevada Insurance Commissioner Scott J. Kipper. "As Chair of the NAIC Senior Issues Task Force, I appreciate the importance of long-term care insurance product regulation and recognize that these uniform standards provide critical protections, detailed disclosures and requirements, and a thorough form and actuarial review."
     
"I commend Commissioner Kipper and the Nevada legislature for reconsidering and lifting the opt-out of these important, consumer-oriented uniform standards," said IIPRC Chair and New Hampshire Insurance Commissioner Roger A. Sevigny. "When a Compacting State removes an opt-out, it confirms our members’ commitment to developing and adopting detailed uniform standards that benefit consumers across Compacting States."

About the Commission
     

Currently, 43 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alabama, Alaska, 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.

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