A new proposal would require Long Term Care Insurance companies to have a loss ratio of 100% before they are permitted to raise rates.
The Senior Issues Task Force, which is part of the National Association of Insurance Commissioners (NAIC), released the original proposal of regulatory changes in November. According to their website, their mission is to develop regulatory standards and revise NAIC models on insurance issues that affect older Americans.
After the original proposal was released, however, the change in question was made. Some members of the Health Actuarial Task Force, another part of the NAIC whose mission is to[…]