Long-term care insurance is an extremely highly regulated insurance product. Understanding the evolving regulatory landscape is a critical function for everyone in the industry. Complex legal issues such as fraud and high stakes class action litigation are on the rise and continue to pose significant threat. Additionally, the challenging and multifaceted regulatory environment require companies to devise, refine and implement detailed and wide-ranging compliance programs. At this year’s ILTCI conference, the legal, compliance and regulatory track will examine each of these different issues, with industry leaders and experts offering insight, information and best practices regarding how to tackle the myriad issues implicated by the issuance and administration of long term care insurance.
This year, the legal, compliance and regulatory track will feature six sessions. Back by popular demand are:
- Litigation update – an examination of significant lawsuits that have been filed in the past year which concern long term care insurance, both on claims issues and rate increase issues;
- Long term care insurance fraud issues – a discussion of anti-fraud compliance programs, some notable fraudulent schemes that companies have identified, and best practices to combat and reduce fraudulent activity for long term care insurance; and
- The Regulator Roundtable – prominent regulators discuss long term care insurance issues and answer the audience’s questions about the past, present and future of long term care insurance regulation.
The track will also include three sessions that are a little different from years past, specifically:
- Building a Compliant Organizations: The Benefits of Effective Policies and Procedures – this session will examine the process associated with building sets of policies and procedures, and will discuss how those policies and procedures form the bedrock of institutional compliance;
- Rate Increase Issues, including Creative Ideas for Mitigation Options – premium rate increases continue to be a significant issue for the long term care insurance community, and insurers and regulators are increasingly looking for ways to mitigate the impact on the consumers, while reducing the need for future rate increases and/or offering the policyholder something of value in lieu of (or to reduce the impact of) the rate increase. This session will evaluate the landscape on rate increase mitigation options, and discuss what the industry might see in the months and years ahead; and
- Industry Best Practices on Common Terminology – while there are many different variations of long term care insurance forms, even within individual blocks of long term care insurance, there are also some very common terms and provisions across policy forms and companies. Some of those common terms have created administration challenges. This session will discuss best practices in looking at those common terms.
The six sessions listed above are meant to cover the key issues and topics in legal, compliance and regulatory matters for long term care insurance. We hope you find them interesting and informative.