Pending & Recent Rate Increases

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
Form

Number of
Policyholders
in Maine

Increase
Requested

Date Increase
Requested

John Hancock (filed through the Compact) MULF-133928132 ICC12-LTC-12 24 15% 1/2/24
Mass Mutual MILL-133735661 MM-300-P-ME, MM-400-P-ME, et al. 27 159.4% 9/13/23
Mass Mutual MILL-133735665 MM500-P-ME, MM500-P-1-ME, et al. 32 48% 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
RiverSource AERS-133851417 30160A & 32100 284 7% on lifetime policies 1/24/24
RiverSource AERS-133851478 30160A 207 9.1% on lifetime policies 1/24/24
RiverSource AERS-133851465 30225 & 30227 8 12.7% on lifetime policies 1/24/24
RiverSource AERS-133851462 30225 & 30227 204 20.9% on lifetime policies 1/24/24
Transamerica (filed through the Compact) AEGB-133926066 ICC13 TLC-4 21 14.92% 12/18/23

 

Recently Approved Rate Increases

Company

SERFF Tracking #

Policy
Form

Number of
Policyholders
in Maine

Increase
Requested

Increase
Approved

Date
Approved

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

Continental General (formerly under United Teacher Associates)

GLTC-133321870

2LTCIP0001 (sold on or after 10/1/04)

9

57.6%

50.9%

11/30/22

Continental General (formerly under United Teacher Associates)

GLTC-133321882

2LTCIP0001 (sold prior to 10/1/04)

2

57.6%

50.9%

11/30/22

Continental General (formerly under United Teacher Associates)

GLTC-133321914

1LTCIP0001, 1LTCIP0002

18

53.5%

45.8%

11/30/22

Continental General (formerly under United Teacher Associates)

GLTC-133325322

1LTCGP0001, 1LTCGP0008

13

44.3%

39.7%

11/30/22

Genworth

GEFA-133016130

7003, 50000, 50003, 50020, 50023

50

95.8%

0% -- Disapproved

3/28/22

Genworth

GEFA-133016284

7046, 7050, 7053

458

104%

61%

5/3/22

Genworth

GEFA-133016255

7044 Rev

214

140%

53.3%

5/3/22

Genworth

GEFA-133016187

7042, 7044, 7042 Rev, 7044 Rev

233

122%

55%

5/3/22

Genworth

GEFA-133016186

7042, 7044, 7042 Rev, 7044 Rev

1,570

141%

53.3%

5/3/22

Genworth

GEFA-133023114

7035

867

112.5%

63.1% - Lifetime benefit period

19.1% - Limited benefit period

5/3/22

Genworth

GEFA-133016165

7030, 7031, 7032

493

122.6%

35% - Lifetime benefit period

9.5% - Limited benefit period

5/3/22

Genworth

GEFA-133016138

7000, 7020

209

147%

3.8% - Lifetime benefit period

0.2% - Limited benefit period

5/3/22

John Hancock (filed through the Compact)

MULF-132893509

ICC12-LTC-12 (2012)

81

11.1%

10.6%

12/16/22

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

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

Mutual of Omaha

MUTA-132676954

LTC04I-TQ

68

39.7%

26.45%

10/21/22

Mutual of Omaha

MUTA-132676698

LTC09M

295

102.8%

79.0%

10/21/22

Prudential

PRUD-133209917

ILTC-1

142

29.4%

20.98%

8/19/22

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

United of Omaha

MUTA-132676888

LTC09U [-AG, -5ML, -10ML]

158

109.2%

74.5%

10/21/22

 

If you have any questions or comments, please contact Sherry Worth at (207)-624-8476 orSherry.Worth@maine.gov