To focus on amendments to LTCi rate-stabilization report
from the Massachusetts Association of Health Underwriters (MASSAHU.org) to all concerned stakeholders
BOSTON – 28 July 2014 – On August 1st at 10:00 a.m., the Division of Insurance (DOI) will hold a hearing for concerned stakeholders to provide comments on the proposed amendments to the Long Term Insurance Rate Stabilization report that will set new standards for long-term care insurance policies, rate setting and cost controls – all to create valuable consumer protections.
If you are interested in attending or providing comments, please click here. This report by the Division of Insurance culminates many years of work on behalf of the growing numbers of consumers whose policies will be better protected by more comprehensive standards.
MassAHU has been actively engaged and providing professional guidance since the early passage of Chapter 312 of the Acts of 2012, “An Act Establishing Standards for Long-term Care Insurance,” which became effective January 2013. A Long Term Care Advisory Group was mandated by the Legislature to provide guidance and perspective to the Division of Insurance responsible for drafting a report that creates new regulatory requirements for long term care products. In the Executive Summary of this report the Division states that it was directed under “section 3 of Chapter 312 to develop a report that investigates how to promote rate stabilization within the long-term care insurance markets and includes input from an advisory group composed of representatives from the following government, industry and consumer groups” of which the Massachusetts Association of Health Underwriters was a part.
Tobe L. Gerard, LIA, CLTC, MBA, MLS, past Chair of MassAHU’s Long Term Care Committee and who represented MassAHU on the LTC Task Force, stated: “as a long term care insurance policyholder and a long term care insurance specialist, it is equally important to me that the long term care insurance policies that my policyholders purchased during their working years will remain affordable for them during their retirement years.” Ms. Gerard worked closely with Senator Harriette L. Chandler’s office to file the original bill in 2005.
Currently, Mark S. Baron, represents Long Term Care Insurance issues on MassAHU’s Legislative Committee and has been an active and vocal advocate for Long Term Care rate stabilization for many years.
from the Massachusetts Department of Insurance: NOTICE OF HEARING
DOCKET NO. G2014-04Proposed Amendments to 211 CMR 65.00
LONG-TERM CARE INSURANCE
Pursuant to Massachusetts General Laws Chapter (“Chapter”) 30A and the authority granted to the Commissioner of Insurance under Chapter 176U, a hearing will be held at the offices of the Division of Insurance (“Division”), 1000 Washington Street, Boston, MA 02118-6200 on August 1, 2014 at 10:00 a.m. The purpose of this hearing is to afford all interested persons an opportunity to provide oral and/or written comment regarding the proposed amendments to 211 CMR 65.00 . The proposed amendments to 211 CMR 65.00 set new standards for long-term care insurance policies, rate setting and cost controls and creates various consumer protections. Chapter 176U requires that the Commissioner of Insurance revise the existing regulatory framework to incorporate certain provisions of the long term care insurance model regulation that has been put out by the National Association of Insurance Commissioners.
The proceedings concerning the promulgation of amendments to 211 CMR 65.00 shall be designated as Docket No. G2014-04. Any person who wishes to provide oral comment concerning this regulation must file a Notice of Intent to Comment with the Docket Clerk no later than 4:00PM on July 31, 2014. Persons wishing to submit written comments may do so until the record of the hearing is closed. All submissions must be sent to the Docket Clerk, Hearings and Appeals, Division of Insurance, 1000 Washington Street, Suite 810, Boston, MA 02118-6200, or by electronic mail to firstname.lastname@example.org and must refer to Docket No. G2014-0 in the subject line. Persons who do not file a Notice of Intent to Comment will be heard after those who notify the Division in advance of the hearing.
A copy of the regulation with proposed amendments is available from the Division and also is posted on its website at: www.mass.gov/doi.