Rates for long-term care policies issued in Maine may not be increased without approval. Policy filings may be made, at the insurer's option, with either the Bureau of Insurance or the Interstate Insurance Product Regulation Commission (IIPRC). Rate filings for increases above 15% with respect to products approved by the IIPRC must be reviewed and approved by each compacting state, not the IIPRC. For rate filings under Maine jurisdiction, Bureau staff carefully reviews the requested increase and then sends it to an actuarial consulting firm for independent review. The carrier must provide specific information supporting its rate request. The Bureau will reject the requested rate increase if it is not actuarially justified or if it does not meet the requirements of the current regulation.
Pending rate increases are those currently under review by the Bureau of Insurance along with outside consulting firm INS Consultants. The recently approved rate increase chart shows the increases which have undergone review within the past year and will be implemented by the company soon.
Currently Pending Rate Increases
|
Company |
SERFF Tracking # |
Policy |
Number of |
Increase |
Date Increase |
|---|---|---|---|---|---|
| Continental Casualty | CNAB-134008977 | P1-N0075-A18, P1-N0076-A18, P1-N0080-A18, P1-N0081-A18, P1-N0085-A18, P1-N0086-A18, P1-N0090-A18, P1-N0091-A18, P1-N0095-A18, P1-N0096-A18, P1-N0100-A18, P1-N0101-A18 | 220 | 68% on non-lifetime max benefits 395.3% on unlimited lifetime max benefits | 3/20/24 |
| Continental Casualty | CNAB-134040702 | P1-21295-A18, P1-21300-A18, P1-21305-A18, P1-N0022-A18, P1-N0026-A18, P1-N0030-A18, P1-N0034-A18 | 77 | 41.5% | 3/29/24 |
|
Continental Casualty |
CNAB-134080777 |
P1-15203-A, P1-16356-A, P1-18215-A18, P1-18876-A18, P1-18878-A18 |
29 |
55.2% |
4/30/24 |
|
John Hancock (filed through the Compact) |
MULF-133928132 |
ICC12-LTC-12 |
24 | 15% | 1/2/24 |
| John Hancock | MULF-133860072 | LTC-03 ME, LTC-06 ME, BSC-03 ME, & ICC10-LTC-11 | 1,348 | 30.4% | 3/11/24 |
| Mass Mutual | MILL-133735661 | MM-300-P-ME, MM-400-P-ME, et al. | 27 | 159.4% | 9/13/23 |
| Mass Mutual | MILL-133735851 | MM-200-P-ME(Q), MM-300-P-ME, MM-301-P-ME, et al. | 78 | 62.5% | 9/13/23 |
| Prudential | PRUD-134047274 | ILTC-2 | 23 | 2.5% | 3/27/24 |
| Transamerica (filed through the Compact) | AEGB-133926066 | ICC13 TLC-4 | 21 | 14.92% | 12/18/23 |
| Unum Life | UNUM-134022429 | B.LTC & GLTC95 (sold on or after 10/1/04) | 2,340 | 58.7% | 3/7/24 |
| Unum Life | UNUM-134021866 | B.LTC & GLTC95 (sold prior to 10/1/04) | 3,482 | 2.8% | 3/7/24 |
| Unum Life | UNUM-134038455 | LTC5592, LTC5492, LTC5392, LTC5292, LTC5192, LTC5092, LTC94, LTC94Q, LTC99, LTC99Q | 1,374 | 31.7% | 3/22/24 |
| Unum Life | UNUM-134053576 | GLTC04 & RGLTC04 | 8,360 |
26.1% on compound interest policies 27.6% on simple interest policies |
4/12/24 |
Recently Approved Rate Increases
|
Company |
SERFF Tracking # |
Policy |
Number of |
Increase |
Increase |
Date |
|---|---|---|---|---|---|---|
|
Bankers Life |
BNLB-133451334 |
GR-N520, N540, GR-N550, GR-N580 |
106 |
40% |
39.7% |
5/23/23 |
|
Continental General (formerly under United Teacher Associates) |
GLTC-133324421 |
4LTCIP0001 |
19 |
165.2% |
81.17% |
2/27/23 |
|
Knights of Columbus |
TRIP-133668530 |
LTC01, NHC01 |
119 |
37% |
37% |
6/29/23 |
|
Mass Mutual |
MILL-133446963 |
MM500-P-2-ME et al., MM501-P-2-ME et al. |
81 |
31% |
31% |
2/3/23 |
| Mass Mutual | MILL-133735665 | MM500-P-ME, MM500-P-1-ME, et al. | 32 | 48% | 48% | 3/4/24 |
|
Metropolitan Life |
META-133595628 |
1LTC-97-ME, 2LTC-97-ME |
123 |
149.59% |
4% |
9/1/23 |
|
Metropolitan Life |
META-133421962 |
LTC-FAC-ME, LTC-VAL-ME, LTC-IDEAL-ME, LTC-PREM-ME |
152 |
122.82% |
3% |
9/1/23 |
|
Metropolitan Life |
META-133415987 |
LTC2007-ME |
11 |
152.0% |
4% |
9/1/23 |
|
Metropolitan Life |
META-132984356 |
LTC2-VAL-ME, LTC2-IDEAL-ME, LTC2-PREM-ME, LTC2-FAC-ME |
27 |
48.59% |
3% |
9/1/23 |
| Metropolitan Life | META-133428333 | GCLTCAARP-04-OP, G.LTC1697 | 45 | 15.54% | 15.54% | 10/3/23 |
| Metropolitan Life | META-133428330 | G.LTC1697, G.LTC3098, G.LTC3198 | 17 | 15.54% | 15.54% | 10/3/23 |
| Metropolitan Life | META-133428329 | G.LTC1697, G.LTC3098, G.LTC3198 | 229 | 15.54% | 15.54% | 10/3/23 |
| Metropolitan Life | META-133428321 | GCLTCAARP-06-FC, G.LTC1697 | 13 | 15.54% | 15.54% | 10/3/23 |
| Metropolitan Life | META-133595641 | LTC-FAC-ME, LTC-VAL-ME, LTC-IDEAL-ME, LTC-PREM-ME | 91 | 79.45% | 3% | 10/16/23 |
| Metropolitan Life | META-133416023 | LTC2007-ME | 25 | 38.15% | 4% | 10/16/23 |
| RiverSource | AERS-133851417 | 30160A & 32100 | 284 | 7% on lifetime policies | 7% on lifetime policies | 5/7/24 |
| RiverSource | AERS-133851478 | 30160A | 207 | 9.1% on lifetime policies | 9.1% on lifetime policies | 5/7/24 |
| RiverSource | AERS-133851465 | 30225 & 30227 | 8 | 12.7% on lifetime policies | 12.7% on lifetime policies | 5/7/24 |
| RiverSource | AERS-133851462 | 30225 & 30227 | 204 | 20.9% on lifetime policies | 20.9% on lifetime policies | 5/7/24 |
| Teachers Ins. and Annuity | META-133424591 | LTC-ME.02 Ed. 11-91, LTC-E-ME.02 Ed.11-91, LTC-ME.02 Ed. 11-96, LTC-E-ME.02 Ed. 11-96, LTC.03(ME), LTC.03(ME-1) | 39 | 65.0% | 6% | 9/1/23 |
| Teachers Ins. and Annuity | META-133424584 | LTC-ME.02 Ed. 11-91, LTC-E-ME.02 Ed.11-91, LTC-ME.02 Ed. 11-96, LTC-E-ME.02 Ed. 11-96, LTC.03(ME), LTC.03(ME-1), and TCL-LTC.04(ME) Ed. 8/02 | 159 | 65.0% | 6% | 9/1/23 |
| TIAA-CREF | META-133424610 | TCL-LTC.04(ME) Ed. 8/02 | 4 | 65.0% | 6% | 9/1/23 |
| Transamerica | AEGB-133716253 | ICC10 TLC-3 | 39 | 23.12% | 23.12% | 8/4/23 |
If you have any questions or comments, please contact Sherry Worth at