The U.S. Department of the Treasury moment released the report of the Federal Interagency Task Force on Long- Term Care Insurance (Task Force).
The report, Long- Term Care Insurance Recommendations for Improvement of Regulation, describes the work conducted by the Task Force and presents recommendations to reform the regulation of long- term care insurance( LTCI) in the United States.
Treasury convened the Task Force in response to recommendations in its Report on Asset Management and Insurance, which was published in October 2017.
The Task Force consists of representatives from Treasury’s Office of Economic Policy (as president); other Treasury services (Tax Policy, Consumer Policy, and the Federal Insurance Office); the U.S. Department of Health and Human Services; the Centers for Medicare & Medicaid Services; the U.S. Department of Labor; and the Office of Management and Budget.
The primary objects of the Task Force were to dissect, estimate, and make recommendations concerning a list of civil policy options presented by the National Association of Insurance Officers in April 2017; other implicit new civil programs to round state- grounded regulation of LTCI; and the manner and degree to which current laws and regulations respond to newer LTCI product designs and features.
The Task Force organized its analysis and recommendations into four subject areas product development and other invention in the private LTCI request; bettered nonsupervisory effectiveness and alignment; the civil part in fiscal knowledge and education relating to long- term care( LTC) needs and LTCI; and fresh duty impulses for the purchase and use of LTCI.
The report notes that perpetration of the recommendations will remove walls to invention and increase nonsupervisory effectiveness and alignment, potentially making LTCI more affordable and accessible while allowing the request to continue shaping the elaboration of this product line.
The report also identifies policymakers and other stakeholders it considers well deposited to apply each recommendation. Treasury will coordinate and cover perpetration of the recommendations.
Read: Statement by Steven T. Mnuchin on the President’s Decision on ByteDance.
The Task Force mainly completed its analysis and recommendations previous to the onset of the COVID- 19 epidemic. In addition, the full goods of the epidemic on LTC and LTCI 'll continue to crop over time. For these reasons, the report doesn't seek to assess the implicit impacts of COVID- 19 on LTC or LTCI.
The Task Force’s full analysis and complete list of recommendations can be set up in the report.