NOWOTNY KNOWS SQUAT! Part IV Using Post-Retirement Medical Plans to Raise AUM and Sell Life Insurance
NOWOTNY ON DEATH AND TAXES EPISODE 35 USING POST-RETIREMENT MEDICAL PLANS TO RAISE AUM
In a case in which Wiley represented one of the insurers, the Delaware Superior Court, applying Virginia law, has held that an exclusion in professional liability policies issued to an insurance company barring coverage for...more
In a split decision, the Tenth Circuit Court of Appeals recently affirmed summary judgment in PHT Holding I LLC v. Security Life of Denver Insurance Co., rejecting the plaintiff’s claim that the defendant-insurer breached the...more
In Meyer v. Massachusetts Mutual Life Insurance Co., the U.S. District Court for the District of Colorado entered summary judgment for an insurer after video evidence showed that the insured was not entitled to the benefits...more
The NAIC’s Long-Term Care Insurance (B) Task Force (“Task Force”) has issued its recommendations for 2025 charges, which would disband the Task Force and reallocate the Task Force and the Long-Term Care (B) Working Group’s...more
What are the chances that you or someone in your family — perhaps an elderly parent — will need long-term care assistance? According to the U.S. Department of Health and Human Services, roughly 70% of Americans aged 65 or...more
In 2019, California passed a law that created the Long Term Care Insurance Task Force (“Task Force”) to examine how to design and implement a long-term care insurance program. The Task Force recommended a payroll tax to fund...more
Insurers and brokers selling long-term care (LTC) insurance in California should be aware of the California Department of Insurance (CDI) bulletin of August 23, 2023, expressing concern over certain complaints received by CDI...more
On July 1, 2023, after a long delay, mandatory withholdings for the WA Cares Fund finally took effect. The WA Cares Fund is a state-run, long-term-care insurance program requiring employers to pay premiums through a mandatory...more
In 2022, the state of Washington enacted a law requiring employers to begin collecting a 0.58% payroll tax from employees unless they have private long-term care coverage. The funds are intended to provide a limited lifetime...more
Seyfarth Synopsis: As a reminder to companies with workers in Washington State, payroll tax withholding under the Washington State Long Term Care Act will begin on July 1, 2023, unless an employee qualifies for an exemption....more
NAIC’s Long-Term Care Insurance (LTCI) Task Force recently adopted a revised checklist for regulators to use when drafting and reviewing LTCI reduced benefit options (RBO) policyholder communications. The checklist is meant...more
New York Senate Bill 4007 and Assembly Bill 3007, which represent Governor Kathy Hochul’s state budget proposal, include provisions to amend Article 77 of the New York Insurance Law, the Life Insurance Company Guaranty...more
Funding long-term care expenses: What are your options? Few things can derail your estate plan as quickly as unanticipated long-term care (LTC) expenses. Most people will need some form of LTC — such as a nursing home or...more
As discussed in prior advisories, following a class action lawsuit challenging Washington State's Long-Term Services and Supports Trust Program (now called "WA Cares") and legislative changes and delays, WA Cares is again set...more
The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) 2022 Summer National Meeting which was held in Portland, Oregon on August 9-13th. We have...more
In 2012, the California Legislature enacted changes to the California Insurance Code that provide protections intended to shield consumers from losing life insurance coverage due to late or missed insurance premium...more
On January 27, 2022, Governor Jay Inslee signed two bills that delay implementation of the Washington Cares Act to July 1, 2023, including the 0.58% payroll tax, and provide additional exemptions from the program. The Act...more
On January 27, Governor Jay Inslee signed two bills passed by the Legislature making key changes to WA Cares Fund. These reforms address coverage gaps and delay program implementation by 18 months...more
Washington Governor Jay Inslee has clarified that, starting January 1, “employers will still be legally obligated to pay the full amount owed to state ESD [Employment Security Department] to begin the long-term care program”...more
On Friday, December 17, 2021, following pressure from the state Democratic leadership, Washington State employees, and the recent lawsuit filed by Davis Wright Tremaine LLP, Pacific Bells, et. al. v. Inslee, Governor Inslee...more
In Spina v. Metro. Life Ins. Co., 2021 U.S. Dist. LEXIS 114887, (D.N.J. June 21, 2021), the court rejected both an insurer's and insured’s interpretation of when proof of loss was due under a long-term care policy and...more
Most people assume that they will not ever need skilled nursing care, but statistics show that that is not the case. Medicare may be available to pay for a limited period of care under limited circumstances, but if an...more
Studying whether to include offering a wellness program as part of a long-term care insurance policy? Your homework should include reviewing what is happening at the legislative and regulatory levels and the NAIC....more
Most people assume that they will age in place at home and never need long-term care, but statistics show that that is not the case. Medicare may be available to pay for a limited period of care under limited circumstances,...more
As part of its effort to revamp and modernize the Model Laws, the NAIC is updating the Long-Term Care Insurance Model Act, Model 640-1, and the Long-Term Care Insurance Model Regulation, Model 641-1 (combined, the Models)....more