Weekly Tip: Phase 6 of the Five-Year Review

 

Weekly Tips

 Phase 6 of the Five-Year Review

7/01/2015

This week the Insurance Compact initiated the sixth phase of the five-year review of all Uniform Standards, Operating Procedures and Rules. The notice for this phase was issued on July 1st.

Currently, the Product Standards Committee is requesting comments on the need for continuation, repeal or amendment of certain Uniform Standards that were originally effective between July 1, 2010 and December 31, 2010. Specifically those Uniform Standards are:

  • Individual Long Term Care Application Standards
  • Standards for Forms Require to be Used with an Individual Long Term Care Application
  • Standards for Individual Long Term Care Application Change Form
  • Core Standards for Individual Long Term Care Policies
  • Individual Long Term Care Insurance Standards for the Outline of Coverage
  • Rate Filing Standards for Individual Long Term Care – Issue Age Rate Schedules Only
  • Rate Filing Standards for Individual Long Term Care – Modified Rate Schedules
  • Standards for Individual Long Term Care Insurance Advertising Material
  • Standards for Long Term Care Insurance Benefit Features
  • Standards for Riders, Endorsements or Amendments Used to Effect Individual Long Term Care Policy Changes.

Comments in favor of repeal or amendment should describe how circumstances or underlying assumptions have changed since the Uniform Standards were adopted or amended. Written comments will be accepted until August 31, 2015 and will be posted to the IIPRC’s website. Please do not include any personally identifiable information or confidential business information that you do not want publicly disclosed.

We would encourage all interested parties to monitor the Docket for comments received regarding these Uniform Standards. More information may be found on the Docket pertaining to the process as well as the Uniform Standards subject to this phase of the 5-Year Review. If you have any questions, please contact the Insurance Compact Office.