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News | News Release Contact: Ken Schrad, (804) 371-9141
For Immediate Release: January 14, 2014
Listenspeaker image SCC SEEKS COMMENTS ON LONG TERM CARE INSURANCE REPORT PREPARED BY THE BUREAU OF INSURANCE

RICHMOND — The State Corporation Commission (SCC) is seeking comments on its long-term care insurance rules and on a report by the SCC’s Bureau of Insurance that reviews current laws and regulations that affect the premiums charged for long-term care insurance policies in Virginia. The report, filed on October 4, 2013, identifies various reasons why many long-term care insurance policyholders have been faced with financially burdensome rate increases on their policies in recent years.

The report was the result of an order of the Commission (Case number INS-2012-00282) in which the Bureau of Insurance was directed to study premium rate increases that have occurred for long-term care insurance policies since 2009. The report posits that policyholders who are unable to afford additional premium increases are typically faced with the difficult choice of either reducing their benefits (if the policy allows such an option) or letting their coverage lapse.

The Commission has opened a new proceeding to consider whether the current rules governing long-term care insurance should be revised. In addition to commenting on the Bureau’s report, the Commission seeks suggestions for possible changes to the rules.

Written comments or proposals are due on or before March 14, 2014. Correspondence should be sent to the Clerk of the Commission, Document Control Center, P.O. Box 2118, Richmond, Virginia 23218. All comments shall refer to case number INS-2013-00238.

Any person desiring to submit comments electronically may do so by following the instructions for submitting case comments at the following website location: www.scc.virginia.gov/case/

The Bureau’s report and the current long-term care insurance regulations are also available for viewing via the Docket Search feature of the SCC website.

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Case number INS-2013-00238 - SCC proceeding on revising long-term care insurance rules
Case number INS-2012-00282 - SCC proceeding on revising long-term care insurance premium rates