New Hampshire Code of Administrative Rules
Ins - Commissioner, Insurance Department
Chapter Ins 3600 - LONG-TERM CARE INSURANCE
Part Ins 3601 - LONG-TERM CARE INSURANCE
Section Ins 3601.09 - Initial Filing Requirements
Universal Citation: NH Admin Rules Ins 3601.09
Current through Register No. 12, March 21, 2024
(a) This section applies to any long-term care policy issued in this state on or after the effective date of this rule.
(b) An insurer shall provide the information listed in this subsection to the commissioner 30 days prior to making a long-term care insurance form available for sale.
(1) A copy of the disclosure
documents required in
Ins
3601.08; and
(2) An actuarial certification consisting of
at least the following:
a. 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;
b. A
statement that the policy design and coverage provided have been reviewed and
taken into consideration;
c. A
statement that the underwriting and claims adjudication processes have been
reviewed and taken into consideration;
d. A complete description of the basis for
contract reserves that are anticipated to be held under the form, to include:
1. Sufficient detail or sample calculations
provided so as to have a complete depiction of the reserve amounts to be
held;
2. A statement that the
assumptions used for reserves contain reasonable margins for adverse
experience;
3. A statement that the
net valuation premium for renewal years does not increase (except for
attained-age rating where permitted); and
4. 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;
(i) An aggregate distribution of anticipated
issues may be used as long as the underlying gross premiums maintain a
reasonably consistent relationship;
(ii) If the gross premiums for certain age
groups appear to be inconsistent with this requirement, the commissioner may
request a demonstration under (c) based on a standard age distribution;
and
e.
1. 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
2. A comparison of
the premium schedules for similar policy forms that are currently available
from the insurer with an explanation of the differences.
(c)
(1) The commissioner may request an actuarial
demonstration that benefits are reasonable in relation to premiums. The
actuarial demonstration shall include either premium and claim experience on
similar policy forms, adjusted for any premium or benefit differences, relevant
and credible data from other studies, or both.
(2) In the event the commissioner asks for
additional information under this provision, the period in (b) does not include
the period during which the insurer is preparing the requested
information.
#8036, eff 5-1-04; ss by #10154, eff 6-25-12
The amended version of this section by New Hampshire Register Volume 35, Number 10, eff.2/13/2015 is not yet available.
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