The
Maryland Insurance Administration will conduct a public hearing on specific
rate increase requests being made by certain Long-Term Care Insurance carriers
operating in Maryland. The hearing will focus on four rate increase requests
before the Maryland Insurance Administration. In the individual long-term care
market, there is one request from Genworth Life Insurance Company and two requests from Allianz Life Insurance Company. In the group
long-term care market, there is one request also from Genworth Life Insurance
Company. The purpose of the hearing is for insurance company officials to
explain their reasons for the rate increases and to explain
the new benefit options. Interested stakeholders will also have the
opportunity to provide comments at the hearing. Prior to the hearing, copies of
each company’s actuarial memorandum will be posted to the Maryland Insurance
Administration’s website.
Form
numbers impacted by the rate requests are outlined below:
Genworth Life Insurance Company: 50000, 50001, 50003, 50018, 50020,
50021, 50022, 60394, 60407, 60491, 60494, 62100, 7021, 7050CRT
Allianz Life Insurance Company of North America: 10-P-Q-MD, 11-P-Q-MD
Given the
current COVID-19 situation, to protect the public health, safety, and welfare, the
hearing will be held via Zoom.
The hearing will be held:
Wednesday, August 11, 2021
1:00 P.M. to 4:00
P.M.
AGENDA
Dial-in Information:
Information
for the Maryland Relay Service can be found at doit.maryland.gov/mdrelay
If you
wish to provide oral testimony, please RSVP to Nancy Muehlberger. Testimony will only be heard from those who
have RSVP’d in advance of the public hearing.
Interested parties are also encouraged to submit written comments in
advance of the hearing date. Written comments and RSVPs should be sent to Nancy
Muehlberger by August 4, 2021, either by email to longtermcare.mia@maryland.gov or by mail to 200 St. Paul Place,
Suite 2700, Baltimore, MD 21202 or by fax to 410-468-2038.
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 visit the following website for more information on how to
file a complaint: http://insurance.maryland.gov/Consumer/pages/FileAComplaint.aspx.
