Metropolitan Life Insurance Company (“MetLife”) has requested statewide average rate increases for its LTC97, VIP1, VIP2(Era1), VIP2(Era 2), Group, and TIAA policy form series of Long-Term Care Insurance covering 22,796 Florida policyholders. The ...

 

DEPARTMENT OF FINANCIAL SERVICES

OIR – Insurance Regulation

The Office of Insurance Regulation announces a hearing to which all persons are invited.

DATE AND TIME: August 12, 2016, 1:00 p.m., ET

PLACE: Kovens Conference Center, Room 114, Florida International University, Biscayne Bay Campus, 3000 NE 151st Street, North Miami, Florida 33162, Kovens.fiu.edu

GENERAL SUBJECT MATTER TO BE CONSIDERED: Metropolitan Life Insurance Company (“MetLife”) has requested statewide average rate increases for its LTC97, VIP1, VIP2(Era1), VIP2(Era 2), Group, and TIAA policy form series of Long-Term Care Insurance covering 22,796 Florida policyholders. The below chart identifies the proposed rate changes that have already been filed with the Office:

16-09734:

Form Number Average Rate Increase Requested

LTC97 Series: 1LTC-97-FL +77.23%

VIP1 Series: LTC-IDEAL-FL, LTC-PREMIER-FL, LTC-VALUE-FL +95.44%

VIP(Era 1) Series (Issued prior to December 14, 2009): LTC2-IDEALFL,LTC2-PREM-FL, LTC2-VAL-FL +59.51%

VIP(Era 2) Series (Issued after December 14, 2009): LTC2-IDEALFL,LTC2-PREM-FL, LTC2-VAL-FL +34.00%

Group Series: GPNP99-LTC +20.09%

TIAA Series: LTC.02, LTC.03 +54.72%

The proposed effective date of the requested rate increases for new and renewal business would begin sixty (60) days following approval.

An agenda listing the rate filings subject to this hearing will be posted on the Office’s website at http://www.floir.com. Florida law allows the Office of Insurance Regulation to hold a public hearing for any purpose within the scope of the Insurance Code deemed to be necessary. Input from the insurer as well as interested parties will be received at this public hearing. If you are unable to attend this public hearing, please forward your comments to the Office of Insurance Regulation at [e-mail]. Comments will be accepted until August 23, 2016 at 5:00 p.m. ET. Please note that all comments received will be part of the public record and subject to disclosure under Florida’s broad public records laws.

A copy of the agenda may be obtained by contacting: Andrew Marcus, Assistant General Counsel or Eric Johnson at [phone].

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 48 hours before the workshop/meeting by contacting: Karen Kees, [phone], [e-mail]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

For more information, you may contact: Andrew Marcus, Assistant General Counsel or Eric Johnson at [phone].