Weekly Tip: Fall In-Person Meeting Highlights

 

Weekly Tips

Fall In-Person Meeting Highlights

12/20/2016

On December 9th, the Insurance Compact convened a joint meeting of the Management Committee and Commission in Miami in advance of the NAIC's Fall National Meeting. This week, we would like to highlight a few key items covered during the meeting for you.

The Management Committee took advantage of the in-person setting to continue discussions on the proposed amendments to the individual long-term care Uniform Standards. The individual long-term care Uniform Standards are currently subject to Phase 6 of the Five-Year Review, and were issued for public comment on September 1st. During the November 7th Public Hearing, the Management Committee heard from a few of the filing companies regarding their request for the Committee to reconsider the Product Standard Committee's recommendation to not amend the Core Standards for Individual Long-Term Care Insurance Policies to add a provision for what Industry has been calling "non-duplication of benefits." Following further discussion at the in-person meeting, the Management Committee has asked that the Product Standards Committee consider all of the information and comments submitted to the Management Committee, including the comments and discussion from the December 9th meeting and the public hearing in November, and to provide a recommendation to the Management Committee on whether these comments would change their original recommendation. Please monitor the Insurance Compact Website for more information, especially the Call Summaries of the Product Standards Committee, which are accessible from the About the IIPRC page.

Additionally, the Insurance Compact announced that in celebration of the 10th anniversary of the inaugural meeting, an updated logo has been released.

Lastly, as this was the Annual Meeting of the Insurance Compact, the Management Committee was reformed, and new appointments were made to the Management Committee and the Industry Advisory Committee. The Insurance Compact also elected the officers for the 2017 calendar year. The Commissioners from Virginia, Maine, and Ohio will serve as the Chair, Vice Chair, and Treasurer, respectively.

If you have any questions about this Weekly Tip or the IIPRC, please contact the IIPRC Office at Comments@insurancecompact.org.