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Long-Term Care Public Hearing - March 10, 2016

Did you miss the hearing? Watch in full here or read the transcript.

On March 10, 2016, Commissioner Miller held a hearing on long-term care insurance and issues that surround the market. The hearing focused on several rate increase requests now before the Insurance Department, including proposals from: 

  • Genworth Life Insurance Company, requesting rate increases from 33 to 130 percent, depending on the policy; 
  • Unum Life Insurance Company of America, requesting rate increases from 63 to 94 percent; 
  • John Hancock Life Insurance Company, requesting rate increases from 14 to 88 percent; 
  • Metropolitan Life Insurance Company, requesting rate increases from 43 to 60 percent. 
Commissioner Miller used the hearing to explain the department's procedures for reviewing and approving long-term care insurance rate requests in the hopes that consumers may gain an understanding of the careful process used when considering these increases.

Representatives from the Insurance Department’s Bureau of Life, Accident, and Health Insurance, who review and recommend rate approvals, and the Office of Corporate and Financial Regulation, which oversees and ensures companies' financial health, explained briefly the process they use to examine company rate requests. Insurance company officials explained their reasons for recent large rate hike requests. 

The following presentations were showed during the hearing: