Producer Responsibilities
Insurance producers must adhere to minimum best-interest standards, including:
-
Identifying and avoiding conflicts of interest.
-
Disclosing relationships with applicants, including any financial connections.
-
Ensuring recommendations are suitable for each individual’s needs.
These requirements aim to foster transparency and fairness in the long-term care insurance market.
Oversight and Compliance
The OIC will oversee the implementation of these rules across multiple divisions, including:
-
Rates, Forms, and Provider Networks – supervising policy standards.
-
Consumer Protection – assisting policyholders with questions or complaints.
-
Company Supervision and Legal Affairs – ensuring compliance with state law and enforcement of regulations.
Why This Matters?
Long-term care can be costly, and gaps in coverage can leave families with significant financial burdens. By providing supplemental insurance options and clear regulations, Washington is helping residents prepare for extended care needs while holding insurers accountable.
“With these rules, residents have stronger protections, and insurers have clear standards to follow,” said Patty Kuderer, Washington Insurance Commissioner. “This ensures fairness, transparency, and long-term stability in care coverage.”
