After months of waiting, the industry is beginning to get an indication of the Government's intentions concerning the future of the long term care market.
The Government's response to the Royal Commission on long term care was eventually issued in July 2000. This was followed up in December by a further announcement concerning the Government's intention to introduce full regulation and CAT standards to the long term care market. However, the long delay between the publication of the Royal Commission and the Government's response has caused problems for the industry. IFAs have found it difficult to sell LTC policies while insurers have been unsure how to develop their products until the Government revealed how it intends to fund LTC. While t...
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