The Maryland Insurance Administration will conduct a public hearing on specific rate increase requests being made by Long Term Care Insurance carriers operating in Maryland. The hearing will focus on several rate increase requests now before the Maryland Insurance Administration. These include requests from Genworth Insurance Company, proposing average rate increases of 15%; John Hancock Insurance Company, proposing average rate increases from 13.7% to 14.7%, depending on the policy; Metropolitan Life Insurance Company, proposing average rate increases of 15%; Principal Life Insurance Company, proposing average rate increases of 15%; The Prudential Insurance Company of America, proposing average rate increases from 12.8% to 15%; Transamerica Life Insurance Company, proposing average rate increases from 65% to 70%; UNUM Life Insurance Company of America, proposing average rate increases of 13%; MedAmerica Insurance Company, proposing average rate increases of 15%. The purpose of the hearing is for insurance company officials to explain their reasons for the rate increases. Commissioner Redmer will also listen to comments from consumers at the hearing.

 

 

The hearing will be held at the following time and location:

 

Thursday, October 27, 2016
1 P.M. to 4 P.M.
Baltimore County Public Library Perry Hall Branch
9685 Honeygo Blvd.
Perry Hall, MD, 21128

 

Call-in information:
Number: 866-247-6034
Code: 1573490062

 

If you plan on attending, please RSVP to Adam Zimmerman. Please also indicate if you plan on testifying at the hearing. Interested parties also are encouraged to submit written comments. Written comments and RSVPs should be sent to Adam Zimmerman by October 27, 2016, either by email to adam.zimmerman@maryland.gov or by mail to 200 St. Paul Place, Suite 2700, Baltimore, MD 21202 or by fax to 410-468-2038.

 

Questions regarding this hearing should be directed to Adam Zimmerman, Actuarial Analyst, by e-mail adam.zimmerman@maryland.gov.

 

Complaints regarding individual policy premium rates, premium increases or particular policy provisions should be directed to the Consumer Complaints Unit. Please call 410-468-2244 or click HERE for more information on how to file a complaint.