The NAIC’s Long-Term Care Insurance (B) Task Force (“Task Force”) has issued its recommendations for 2025 charges, which would disband the Task Force and reallocate the Task Force and the Long-Term Care (B) Working Group’s work to other related task forces.
The Task Force recommended that it be disbanded as of December 31, 2024, advising that based on the work it has already done to improve the multistate actuarial (“MSA”) rate review process, as well to research reduced benefit options and related consumer notices, both those initiatives would be better served by, and align with the work of, other NAIC task forces.
Specifically, the Task Force recommended that charges related to the ongoing work on the MSA rate review process be moved to the Health Actuarial (B) Task Force and charges related to research and maintaining guidance for reduced benefit options be moved to the Senior Issues (B) Task Force in 2025.
The Health Actuarial (B) Task Force would be tasked with monitoring the progress of the MSA rate review process, as outlined in the previously-adopted Multistate Rate Review Framework (“Framework”), modifying the Framework as appropriate, and monitoring state insurance department rate review activity following the implementation of the Framework and MSA rate review recommendations.
The Senior Issues (B) Task Force would be charged with monitoring and evaluating options to help consumers manage the impact of rate increases, including monitoring ongoing research being conducted through the NAIC Center for Insurance Policy and Research, as well as evaluating the guidance for states regarding reduced benefit options, and modifying the same, as appropriate.
The Task Force also recommended that the Long-Term Care Actuarial (B) Working Group should report to the Health Actuarial (B) Task Force in 2025.
Comments on the recommendations are due by September 26, 2024.
