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 Provident Life and Accident Insurance
Company and Genworth Life Insurance Company. The purpose of the hearing is for
insurance company officials to explain their reasons for the rate increases and
to explain the new benefit options. 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.
In addition, RiverSource Life Insurance Company is not proposing to
increase rates, but have filed for new benefit reduction options for policies
already inforce.
Form
numbers impacted by the filings are outlined below:
Provident Life and Accident
Insurance Company: RLTC03, RLTCP03, LTC03, LTCP03,
LTCT03
RiverSource Life Insurance Company:
30225-MD,
30225-MD1, 30225A-MD1, 30160A-MD
Genworth Life Insurance Company: 7035 et al
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:
Thursday, May 20, 2021
2:30 P.M. to 5:30
P.M.
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 May 13, 2021, 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.
