National Association of Insurance Commissioners Releases LTCI Fiscal Impact Statement

KANSAS CITY, Missouri, Jan. 14 -- The National Association of Insurance Commissioners issued the following news release:

The National Association of Insurance Commissioners (NAIC) has released a Fiscal Impact Statement for a two-week comment period. The fiscal is for funding to conduct a Long-Term Care Information Data Call during the first half of 2020.

The proposed call will be used to gather information on the existence and degree of cross-state subsidization of different approaches when considering rate increases in each state. This is one of the work streams which is part of the Long-Term Care Insurance (EX) Task Force's work. The members of this team have developed the parameters of the data call but require a consultant to review the data call contents and carry out the call.

A vote to approve the fiscal is expected during the 2020 Commissioners Conference in February.

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About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.