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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.
For
more information, visit www.insurancecompact.org.
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