HI HCR125

Requests the Insurance Commissioner to convene a long-term care financing task force to study accelerated death benefits and viatical settlements as funding sources for long-term care needs.

Task force to be chaired by the Insurance Commissioner and comprised of six individuals from the long-term care community and insurance industry, with authority to add additional members.

Task force directed to examine the feasibility of mandating accelerated death benefits in standard insurance policies, establish rating standards for such benefits, and review barriers in Hawaii Insurance Code.

Task force to assess feasibility of establishing regulatory oversight system for viatical settlements, including examination and licensing processes and sales standards for third-party providers.

Task force required to submit findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the Regular Session of 2013.