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, this include a requests from Bankers Life and Casualty Insurance Company, John Hancock Life Insurance Company (U.S.A.), and Massachusetts Mutual Life Insurance Company. The purpose of the hearing is for insurance company officials to explain the reasons for the rate increases, 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:
Bankers Life and Casualty Insurance Company: GR-N520, N540, N550, N570
John Hancock Life Insurance Company (U.S.A): ICC10-LTC-11, LTC-03 MD 6/10, LTC-06 MD, LTC-03 MD 1/08, LTC-02 MD, BSC-02 MD, LTC-96 MD 9/96, LTC-96 MD 3/97, LTC-96CL MD 9/96, LTC-96CL MD 3/97, NH-99 MD 4/99, LTC2000 MD 4/00, LTC-MD-91, NH-MD-91, LTC-94-MD, LTC-94 MD 9/94, and NH-94 MD
Massachusetts Mutual Life Insurance Company: MM-200-P-MD, MM-300-P-MD, MM-400-P-MD, MM500-P-MD, MM501-P-MD, MM500-P-1-MD, and MM501-P-1-MD
The hearing will be held via Zoom.
Tuesday, Mar 11, 2025 01:00 PM Eastern Time (US and Canada)
1:00 P.M. to 4:00 P.M.
The Zoom dial-in information is below:
Dial-in Information:
Zoom Gov link: https://maryland-insurance.zoomgov.com/j/1610286713
Dial-In: (646) 828-7666
Webinar ID: 161 028 6713
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 March 7, 2025, 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.
