Wednesday, April 13, 2005

HB 1202: Long Term Care and Disability Insurance Multistate Compact

H.B. 1202, P.N. 1415 (MICOZZIE) This would create the Interstate Insurance Product Regulation Compact Establishment Act.
Pennsylvania would be a member of this Commission which is attempting to create uniform long term care and disability income insurance product filings and standards amongst the member states. A state would retain the ability to opt out of this compact. Each state would have one Commission member and Commission actions would require the approval of two-thirds of Commission members.


At 3:11 PM, Anonymous Anonymous said...

It makes a lot of sense to establish a standard for long term care insurance which is carried between states. Long term care insurance is becoming a hot topic as a way to reduce MA and Medicare spending and protect consumer assets in this day when the percentage of our population over 65 continues to rise.It will be important for a LTC to be valid in states other than the one in which it is purchased.

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