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NAIC Approves Two Fiscals

NAIC Approves Two Fiscals

WASHINGTON (Feb. 21, 2020) — The National Association of Insurance Commissioners (NAIC) approved the Long-Term Care Information Data Call fiscal during its meeting at the 2020 Commissioners Conference. This information data call will be used to gather information on the existence and degree of cross-state subsidization of different approaches when considering long-term care rate increases in each state. The vendor selected for this engagement will begin its work in the next several weeks and is expected to complete the data call by the end of June 2020. Their report to the Long-Term Care Insurance (EX) Task Force will be presented no later than the NAIC’s 2020 Summer National Meeting.

The NAIC Executive Committee also approved a three-year pilot project to provide add-on capability to the System for Rates and Forms Filings (SERFF). This pilot will be coordinated with the Texas Department of Insurance (TDI) to develop a product filing review tool intended to help reduce the amount of time spent by regulators reviewing product filings as well as ensure consistency of filing reviews by leveraging technology to provide document comparisons and key word searches. This project is expected to be deployed in 2Qtr 2020 and will continue for three years. Additional information about this project can be assessed here.

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. For more information, visit www.naic.org.

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