2021 Annual Meeting Recap
On December 12, 2021, the Insurance Compact held its Annual Meeting in San Diego, CA. This week's tip covers the key outcomes of the meeting.
Uniform Standards Update:
The Commission adopted one new Uniform Standards the Standards for Filing Revisions to In-Force Rate Filing Schedules for Individual Long-Term Care.
- The new Uniform Standard is the result of separating Sections 4 and 5 of the existing IIPRC-LTC-I-3-RATEI into separate Uniform Standards.
- This action was in response to the request of South Carolina Insurance Commissioner Ray Farmer to consider whether to reduce or remove the 15% threshold currently in place for Compact-approved long-term care insurance rate increases.
- The 15% threshold remains in place.
- This new Uniform Standard facilitates the ability for a Compacting State to opt-out of a Uniform Standard for in-force rate increase requests on Compact-approved filings without having to opt-out of the entire set of Uniform Standards for individual long-term care insurance products.
- This standard will be promulgated on January 4, 2022 to become effective in late March.
- Stay tuned for more details on implementation of this Uniform Standard!
The Commission adopted the Proposed 2022 Uniform Standards Development Prioritization.
- The Commission adopted the 2022 Budget and Schedule of Fees. There are no fee increases.
- New appointments were made to the Insurance Compact's Management Committee, and new officers were elected for the coming year.
- The chief insurance regulators from Maryland, Nebraska, and West Virginia were elected to serve as Commission Chair, Vice Chair, and Treasurer, respectively.
- Three members of the Industry Advisory Committee were re-appointed and one new member was appointed for a two-year term ending in 2023.
- A new member was appointed to the Consumer Advisory Committee.
- NCOIL appointed three new members to the Legislative Committee including NCOIL Treasurer and Texas Representative Dr. Tom Oliverson, NCOIL Secretary and Arkansas Representative Deb Ferguson and New Jersey Representative Roy Freiman.
If you have any questions about the recent Annual Meeting, or about the Insurance Compact in general, please contact the Insurance Compact Office.