Weekly Tip: New LTC Submission Requirement

 

Weekly Tips

New LTC Submission Requirement

2/26/2015

This week we would like to highlight a new Submission Requirement that has been implemented for Long-Term Care submissions.  This Submission Requirement is applicable to all LTC types of insurance (TOI) and is being implemented to reduce objections arising from a basic Uniform Standards requirement.

The Uniform Standards for the LTC application, forms that are required to be used with LTC applications, and outline of coverage have requirements that require filers to provide a statement as to how the forms will be used, such as paper or electronic.  Now filers will have a Submission Requirement under the Supporting Documents tab in SERFF to satisfy to help comply with the requirements set forth in the Uniform Standards.  The new Submission Requirement reads:

“If the filing submission includes an application, an outline of coverage, or forms that are required to be used with LTC applications, an explanatory statement needs to be included as to how the form will be used, such as paper or electronic. For electronic uses, the company shall describe the procedures that will be used to verify the authenticity of the transaction.”

If your filing submission does not contain an application, outline of coverage, or forms that are required to be used with LTC applications but the Submission Requirement appears in your submission, please select “Bypass” to meet the technical requirements.

If you have any questions regarding this new Submission Requirement or the Weekly Tip, please contact the Insurance Compact Office.