Since 2021, the Commission has and continues to make recommendations to the legislature and appropriate administrative agencies regarding WCF criteria for determining who is a qualified individual, minimum provider qualifications, service payment maximums, a private supplemental LTCi product, actions needed to maintain WCF solvency, and monitoring of agency expenses. To achieve these goals, the Commission created several working groups to develop recommendations in 2022 and 2023.
We are in the middle of a once in a lifetime career event; the stars have aligned. Demographics. Consumer appetite. Legislation. Interest rates. Product availability. Ready or not, the rise of LTC is here. The question isn’t if your existing clients or prospective clients will be buying LTCi. The question is, will they be buying LTCi from you.
South Carolina’s exit from “the compact,” a multistate body that regulates insurance products, exposes the somewhat precarious foundation that the group rests on. For the moment, no one sees other states heading for the exit from a regulatory body that has helped make life easier for carriers and regulators.
By Cyril Tuohy
By 8/1/2022, MN S 3338 permits the commissioner to authorize certain long-term care coverage to be sold as part of/in conjunction with a life insurance product.