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 CMFG Life Insurance Company, RiverSource Life Insurance Company, Lincoln Benefit Life Company and New York Life Insurance Company. In the group long-term care market, these include requests from Metropolitan Life Insurance Company. The purpose of the hearing is for insurance company officials to explain their reasons for the rate increases. 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:
CMFG Life Insurance Company: 2006-LTC-COMP, 2002-LTC-FAC, 2002-LTCR-HCC
RiverSource Life Insurance Company: 30240-MD, 30225-MD, 30225-MD1, 30225A-MD1, 30160A-MD
Metropolitan Life Insurance Company: GCLTCAARP-06-FC
Lincoln Benefit Life Company: LB-6301-P-MD(Q)&(NQ), LB-6302-P-MD(Q)&(NQ), LB-6303-P-MD(Q)&(NQ)
New York Life Insurance Company: ILTC-4300, INH-4300, ILTC-5000 (MD) (1001), INH-5000 (MD) (1001)
The hearing will be held at the following time and location:
Wednesday, February 19, 2020
9:00A.M. to 12:00 P.M.
Maryland Insurance Administration, 24th Floor, Hearing Room
200 St. Paul Place
Baltimore, MD 21202
For those individuals who are unable to attend, the Administration will be live-streaming the hearing via Facebook Live on the Administration’s Facebook page and will also provide a conference call dial-in. See the information below:
Conference Call Line:
Number: 510-957-3254
Code: 421832026#
If you plan on attending, please RSVP to Nancy Muehlberger. If you will be dialing into the public hearing, and wish to provide oral testimony, please RSVP to Nancy Muehlberger. Testimony will only be heard via the telephone to those who have RSVP’d in advance of the public hearing. Interested parties are also encouraged to submit written comments. Written comments and RSVPs should be sent to Nancy Muehlberger by February 12, 2020, 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.
