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 American General Life Insurance Company, Lincoln National Life Insurance Company, Metropolitan Life Insurance Company, TIAA-CREF Life Insurance Company, Teachers Insurance and Annuity Association of America, Union Security Insurance Company, Time Insurance Company II and Bankers Life and Casualty 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:
American General Life Insurance Company: 64028-MD, C12271-MD
Lincoln National Life Insurance Company: HL-2500MD (2/91), HL-2525MD (1/91), HL-2550AA (8/90), HL-2950MD (2/95)
Metropolitan Life Insurance Company/Teachers Insurance and Annuity Association of America/TIAA-CREF Life Insurance Company: LTC-MD.02 Ed. 11-91, LTC-E-MD.02 Ed. 11-91,LTC-MD.02 (RPU) Ed. 11-91 ,LTC-E-MD.02 (RPU) Ed. 11-91, LTC-MD.02 Ed. 11-96, LTC-E-MD.02 Ed. 11-96, LTC-MD.02 (RPU) Ed. 11-96, LTC-E-MD.02 (RPU) Ed. 11-96 , LTC.03 , TCL-LTC.04 (MD) ed. 4/00, LTC2007, LTC2-FAC-MD, LTC2-VAL-MD, LTC2-IDEAL-MD, LTC2-PREM-MD, LTC-FAC-MD, LTC-VAL-MD, LTC-IDEAL-MD, LTC-PREM-MD, 1LTC-97-MD-1, 1LTC-97-MD-2, 2LTC-97-MD-1, 2LTC-97-MD-2
Union Security Insurance Company: 6062-MD, 6063-MD
Time Insurance Company II: 4061-MD,4062-MD, 4063-MD, 4073-MD
Bankers Life and Casualty Company: GR-N050, GR-N055, GR-N060, GR-N065, GR-N045, GR-N053, GR-N100, GR-N105, GR-N115, GR-N160, GR-N165, GR-N090, GR-N094, GR-N240, GR-N270, GR-N250, GR-N280
The hearing will be held at the following time and location:
Thursday, November 7, 2019
9:00 A.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:
Live-streaming of the hearing can be viewed on the Maryland Insurance Administration’s Facebook page:
www.facebook.com/MDInsuranceAdmin
Conference Call Line:
Number: 478-308-5696
Code: 178375003#
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 October 31, 2019, 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.
