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 Genworth Life Insurance Company, Assurity Life Insurance Company, and Transamerica Life Insurance Company. In the group long-term care market, these include requests from Genworth Life Insurance Company. 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:
Genworth Life Insurance Company: 7050CRT AARP, 7042MD, 7044MD, 7042MD Rev, 7044MD Rev, 7052MD.
Assurity Life Insurance Company: AL2100P-MD.
Transamerica Life Insurance Company: TLC 1-FP (MD) 402, TOL 1-FP (MD) 402, LI 1-FP (MD) 402, MLC 1-FP (MD) 402.
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:
Tuesday, February 28, 2023
1:00 P.M. to 3:00 P.M.
View video of hearing HERE
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 Februray 21, 2023, 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.
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.
