NAIC Endorses Life Settlements to Cover Long-Term Care

By Donna Horowitz

After initially failing to pursue the idea of using life settlements to pay for long-term care last year, the National Association of Insurance Commissioners reversed course and now realizes the asset's potential to help solve the funding crisis for such care.

The NAIC's Long-Term Care Innovation (B) Subgroup adopted a policy Wednesday, July 19, outlining varous ways to pay for the care, including the use of life settlements.

"This document is intended to provide regulators, policymakers, consumers, and other stakeholders an overview of the landscape of long term care financing mechanisms currently available in the private market," the committee's five-page policy statement.

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