Standards Provide Enhanced Consumer Protections

SEATTLE (Aug. 14, 2010) - The Interstate Insurance Product Regulation Commission (IIPRC) adopted individual long-term care uniform standards during a joint meeting of the Management Committee and Commission held yesterday in Seattle.

The individual long-term care uniform standards have been in development for several years and have had multiple rounds of public comment, including two public hearings, since the IIPRC's formal rule-making process was commenced in January.

"Adopting these standards is significant for our long-term care markets," said Mary Jo Hudson, IIPRC Chair and Ohio Insurance Director. "States and their consumers will benefit from having these products thoroughly reviewed under standards that include strong readability requirements, consumer-friendly benefit trigger requirements and prohibition of mental health and nervous disorder exclusions."

The individual long-term care uniform standards only apply to new products filed with the IIPRC and will not affect existing long-term care products approved by a state or closed blocks of business. These uniform standards will now undergo a promulgation period and are expected to become available for filing before the end of 2010. 

The IIPRC also adopted a non-binding resolution to request the NAIC review the feasibility of a national program to protect all long-term care consumers, including individuals who own existing, pre-rate stabilized long-term care insurance products.

The IIPRC is also publishing the 2011 budget for notice and comment, which is anticipated to be up for adoption at the October meeting, as well as proposed changes to its Filing Fee Rule.

About the Commission

Currently, 36 jurisdictions have joined the Interstate Insurance Product Regulation Commission (IIPRC). Compacting members are Alaska, Colorado, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, 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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