EASTON, MARYLAND — Maryland will hold a virtual hearing Thursday, Dec. 17, on rate increase requests from five long-term care insurers: Bankers Life, Genworth, State Farm, Transamerica and Continental Casualty. Some Talbot County policyholders could face higher premiums if the state approves the requests.
The Maryland Insurance Administration announced the hearing in the Nov. 13 Maryland Register. It covers requests in the individual long-term care market from Bankers Life and Casualty Company, Genworth Life Insurance Company, State Farm Mutual Automobile Insurance Company and Transamerica Life Insurance Company, and in the group market from Continental Casualty Company, Genworth and Transamerica.
The requests are not final. The administration says the hearing is for company officials to explain the reasons for the increases and for the agency to consider whether they comply with Maryland's long-term care insurance laws and regulations.
The companies' actuarial memoranda, now posted on the agency's website, show how large some of the requests are:
| Company | Policy forms | Requested increase |
|---|---|---|
| Continental Casualty | P1-43636-A (group), insureds with a standard lifetime automatic benefit increase | 310.8% |
| Transamerica Life | FTQ (MD) 197 and related forms except Golden Care and LTC 3/4, policies with a compound or simple benefit increase option | 278.8% |
| Transamerica Life | Same forms, policies without a benefit increase option | 118.3% |
| Genworth Life | 7050CRT (MFMP I) | 161% |
| Transamerica Life | GP001 796 and related forms, policies with a compound or simple benefit increase option | 149.8% |
| Genworth Life | 7046MD | 66.2% |
| Bankers Life and Casualty | GR-N400 and GR-N410 home health care | 50% |
| Bankers Life and Casualty | GR-N340 group of forms | 17.4% |
In its memorandum for the 161% request, Genworth says it recognizes the limits in Maryland regulation and is prepared to phase in increases of 15% a year for 11 years and 12.8% in the last year. The memo also says approvals of less than the requested amount will ultimately increase the cumulative rate increase the block needs, because of the delay in full approval.
Policyholders can check whether their coverage is involved by matching the form number on their policy to the list the administration posted with the hearing notice. Insurers must send policyholders a one-time notice saying where to find information about rate requests, and the agency says receiving that notice does not necessarily mean a person's own insurer is seeking an increase.
The hearing runs from 1 to 4 p.m. on Zoom, and viewers must register in advance through the administration's website. Only people who RSVP ahead of time will be allowed to testify. RSVPs and written comments go to Nancy Muehlberger, an analyst with the administration, by Dec. 11, by email to longtermcare.mia [at] maryland.gov, by mail to 200 St. Paul Place, Suite 2700, Baltimore, MD 21202, or by fax to 410-468-2038.
Maryland law requires the administration to hold long-term care rate hearings at least quarterly to review rate requests received in the previous three months; no hearing is required in a quarter with no requests.
Source: Maryland Insurance Administration
Drawn from public records; drafted with AI and edited by Peter Gorman before publication.
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