Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.04.11 - LONG-TERM CARE INSURANCE MINIMUM STANDARDS › Section 18.04.11.024 - FILING REQUIREMENT

Current through August 31, 2023
Prior to an insurer or similar organization offering group
				long-term care insurance to a resident of this state pursuant to Section
				41-4604, Idaho Code,
				Extraterritorial Jurisdiction - Group Long-Term Care Insurance, it files with
				the director evidence that the group policy or certificate thereunder has been
				approved by a state having statutory or regulatory long-term care insurance
				requirements substantially similar to those adopted in this state.
				(3-31-22)
01.
Initial Filing
			 Requirements
. (3-31-22)
a. Subsection
			 024.01 applies to any long-term
			 care policy issued in this state on or after July 1, 2001. (3-31-22)
b. An insurer will provide the information
			 listed in Subsection 024.01 to
			 the director thirty (30) days prior to making the long-term care insurance form
			 available for sale. (3-31-22)
c. A
			 copy of the disclosure documents prescribed in Section
			 014. (3-31-22)
d. An actuarial certification consisting of
			 at least the following: (3-31-22)
i. A
			 statement that the initial premium rate schedule is sufficient to cover
			 anticipated costs under moderately adverse experience and that the premium rate
			 schedule is reasonably expected to be sustainable over the life of the form
			 with no future premium increases anticipated; (3-31-22)
ii. A statement that the policy design and
			 coverage provided have been reviewed and taken into consideration;
			 (3-31-22)
iii. A statement that the
			 underwriting and claims adjudication processes have been reviewed and taken
			 into consideration. (3-31-22)
e. A complete description of the basis for
			 contract reserves that are anticipated to be held under the form, to include:
			 (3-31-22)
i. Sufficient detail or sample
			 calculations provided so as to have a complete depiction of the reserve amounts
			 to be held; (3-31-22)
ii. A
			 statement that the assumptions used for reserves contain reasonable margins for
			 adverse experience; (3-31-22)
iii.
			 A statement that the net valuation premium for renewal years does not increase
			 (except for attained-age rating where permitted; and (3-31-22)
iv. A statement that the difference between
			 the gross premium and the net valuation premium for renewal years is sufficient
			 to cover expected renewal expenses; or if such a statement cannot be made, a
			 complete description of the situations where this does not occur;
			 (3-31-22)
v. An aggregate
			 distribution of anticipated issues may be used as long as the underlying gross
			 premiums maintain a reasonably consistent relationship; (3-31-22)
vi. If the gross premiums for certain age
			 groups appear to be inconsistent with this requirement, the director may
			 request a demonstration under Subsection
			 024.02 based on a standard age
			 distribution; and (3-31-22)
vii. A
			 statement that the premium rate schedule is not less than the premium rate
			 schedule for existing similar policy forms also available from the insurer
			 except for reasonable differences attributable to benefits; or,
			 (3-31-22)
viii. A comparison of the
			 premium schedules for similar policy forms that are currently available from
			 the insurer with an explanation of the differences.
			 (3-31-22)