Weekly Tip: Long-Term Care Products

Weekly Tips

Long-Term Care Products


Do you submit long-term care product filings with the Insurance Compact? If so, then this email is just for you. If not, please pass along to your colleagues who do.

All long-term care product filings are submitted as a complete package with a policy, application, outline of coverage and any riders on the SERFF Form Schedule and rates on the SERFF Rate/Rule Schedule. Any policy or rider that indicates it is long-term care must comply with the Long-Term Care Uniform Standards. If it is not long-term care, it should not be identified as such.

There is one set of Long-Term Care Uniform Standards that applies to both policies and riders on life or annuity policies. These Uniform Standards specifically indicate when something does not apply to a life or annuity rider.

A long-term care rider on a life policy that reduces the death benefit of the life policy dollar-per-dollar for the long-term care benefit is exempt from the Rate Filing Standards for long-term care. The filing must provide enough actuarial information for the Product Reviewers to verify the rider does meet the rate the exemption criteria.

All advertising for the policy is submitted in an Advertising-Only filing. Since advertising uses language from the policy, it is best to wait until the policy language is near final approval or approved before submitting the advertising. The policy and advertising filings will be coordinated and may receive approval on the same day. Advertising cannot be approved before the policy. When new advertising is ready, send a Note to Filer in SERFF asking for the advertising filing to be reopened. A $250 Compact filing fee and all the state fees should be submitted with the new advertisements.

A Self-Certification filing is used for the Long-Term Care Insurance Personal Worksheet, Things You Should Know Before You Buy Long-Term Care Insurance, Potential Rate Increase Disclosure Form, Notice to Applicant Regarding Replacement of Individual Accident and Sickness or Long-Term Care Insurance; and the HIPAA Authorization form.

The Insurance Compact would also advise that you review the Filing Information Notice 2010-3: Individual Long-Term Care Filings that is readily available on the IIPRC website, specifically the Filing Information page. This FIN was drafted to provide guidance regarding the long-term care product filing submission process.

For more information regarding the filing process for long-term care products, we would encourage you to participate in the webinar that is scheduled for Thursday, August 9th. The topic for this webinar will be long-term care product filing submissions. This will be a perfect opportunity to ask any questions that you may have related to long-term care filings. More information regarding this webinar may be found on the IIPRC Event Calendar located on the IIPRC website.

If you have any questions about any of the information that is in this email, please contact the IIRPC Office for additional information and assistance.