Two subsidiaries of the Unum Group, Unum Life Insurance Company of America and Provident Life and Accident Insurance Company (“Unum”), have requested statewide average rate increases for certain policies of comprehensive Long-Term Care Insurance ...

 

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, 4:00 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: Two subsidiaries of the Unum Group, Unum Life Insurance Company of America and Provident Life and Accident Insurance Company (“Unum”), have requested statewide average rate increases for certain policies of comprehensive Long-Term Care Insurance covering 45,666 Florida policyholders. The below chart identifies the proposed rate changes that have already been filed with the Office:

16-08161 and 16-15455:

Form Number Description Average Rate Increase Requested

B.LTC, TQB.LTC

Group Long Term Care Indemnity Policy

75%

LTC5091, LTC5191, LTC5291, LTC5391, LTC5491, LTC5591

Individual Long Term Care Indemnity Policy

None

NH5092, NH5192, NH5292, NH5392, NH5492, NH5592, LTC94, LTC94Q

Individual Long Term Care Indemnity Policy

114% for compound uncapped inflation

76% for simple uncapped inflation

No rate increase for all other insureds

RLTCP03, LTCP03, LTCT03

(Issued by Provident Life and Accident Insurance Company) Individual Long Term Care with Professional Home and Community Care Benefit (Reimbursement), Individual Long Term Care with Professional Home and Community Care Benefit (Indemnity), Individual Long Term Care with Total Choice Home Care Benefit (Indemnity)

90% for compound uncapped inflation

58% for simple uncapped inflation

No rate increase for all other insureds

GLTC04, RGLTC04

Group Long Term Care Indemnity Policy, Group Long Term Care Reimbursement Policy

None

The proposed effective date of the requested rate increases would begin on a policy’s anniversary date following a sixty (60) day certificateholder notification period for group policy forms and a ninety (90) day policyholder notification period for individual policy forms.

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: Karen Kees, [phone], [e-mail].

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: Karen Kees, [phone], [e-mail].