The Maryland Insurance Administration will conduct a public hearing on specific rate increase requests 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 Transamerica Life Insurance Company, The Prudential Insurance Company of America, Knights of Colombus and John Hancock Life Insurance Company. In the group long-term care market, these include requests from The prudential 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:
Transamerica Life Insurance Company: ICC10 TLC-3
The Prudential Insurance Company of America: 83500 COV 5030 , 83500 BFW 5018, GRP 112608, 83500 GR 1067, GRP 113252REV, GRP 113252, GRP 113252ED05-2010, GRP 99507, GRP 99508, GRP 99509
Knights of Columbus: LTC01, NHC01 .
John Hancock Life Insurance Company: LTC-02 MD, BSC-02 MD, LTC-03 MD, BSC-03 MD, LTC-03 MD (2007), LTC-03 MD 1/08, LTC-03 MD 6/10, LTC-06 MD, and ICC10-LTC-11
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, May 23, 2023
1:00 P.M. to 4:00 P.M.
Meeting 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.
