Public Rate Hearings and Posting of Insurance Actuarial Memoranda

LARRY HOGAN Governor BOYD K. RUTHERFORD Lt. Governor MARYLAND INSURANCE ADMINISTRATION AL REDMER, JR. Commissioner NANCY GRODIN Deputy Commissioner 200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202 Facsimile: 410-468-2020 www.insurance.maryland.gov # BULLETIN 17-01 Date: January 3, 2017 To: All Insurers Issuing or Renewing Long-Term Care Insurance in Maryland Re: Public Rate Hearings and Posting of Insurance Actuarial Memoranda The purpose of this Bulletin is to advise insurers that offer long-term care insurance products in Maryland that, effective immediately, the following long-term care initiatives have been implemented by the Maryland Insurance Administration (MIA): 1.) An insurer that files a rate increase request for a long-term care insurance product will be required to attend a public rate hearing before a decision is made on its request. The purpose of the hearing is for insurance company officials to explain the insurer's reasons for the proposed rate increase in a public forum, and to answer any questions raised by MIA staff. The insurer should send a company representative to provide testimony. Information pertaining to the rate hearings will be posted on the Maryland Insurance Administration's website: http://insurance.maryland.gov/Consumer/pages/LongTermCare.aspx Insurers will be notified of the date, time and location of the public hearing and public notice will be given to interested parties. A decision regarding whether the rate increase will be approved will be made after the hearing. 2.) An insurer that files a rate increase request for a long-term care insurance product is hereby notified that the corresponding Actuarial Memorandum will be posted to the MIA's website for public review. Prior to publication on the MIA's website, however, insurers will have an opportunity to submit a redacted copy of the Actuarial Memorandum omitting any material that the insurer contends is confidential, subject to the determination of the Commissioner, in accordance with the Maryland Public Information Act. See Md. Code Ann., Gen. Pro. Art. § 4-335. The purpose of these initiatives is to improve transparency for consumers and the public at large with regard to long-term care rate increases. Questions concerning this Bulletin should be addressed to Adam Zimmerman at adam.zimmerman@maryland.gov. Alfred W. Redmer, Jr. Insurance Commissioner Signature on original By: