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 several rate increase requests before the Maryland Insurance Administration. In the individual long-term care market, these include requests from Continental General Insurance Company, Allianz Life Insurance Company of North America, Transamerica Life Insurance Company and Unum Life Insurance Company of America. In the group long-term care market, these include requests from Unum Life Insurance Company of America. The purpose of the hearing is for insurance company officials to explain the reasons for the rate increases, to explain the new benefit options and for the MIA to consider whether the proposed rate increase is in compliance with Maryland's laws and regulations relating to long term care insurance. 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 request are outlined below:
Continental General Insurance Company: 1LTCIP0001, 1LTCIP0002, 2LTCIP0001, 4LTCIP0001, 80650 1/97 MD, 80880 NTQ 1/98 MD, 82000 1/01 MD, and 82120 9/01.
Allianz Life Insurance Company of North America: 11-P-Q-MD.
Transamerica Life Insurance Company: ICC10 TLC-3
Unum Life Insurance Company of America: NH5092, LTC5092, LTC94, LTC94Q, LTC99, LTC99Q, B.LTC, TQB.LTC, GLTC95, TQGLTC95, GLTC04 and RGLTC04
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:
Monday, August 28, 2023
2:00 P.M. to 5:00 P.M.
AGENDA
View hearing HERE.
Questions regarding this hearing should be directed to Nancy Muehlberger by phone to 410-468-2050, or by e-mail to nancy.muehlberger@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 visit the following website for more information on how to file a complaint: http://insurance.maryland.gov/Consumer/pages/FileAComplaint.aspx.
