Office of Insurance Regulation Holds Public Hearings on Long Term Care Filings
The Florida Office of Insurance Regulation (Office) has scheduled two public hearings for today to discuss key long-term care rate filings that are pending before the Office. The filings relate to proposed rate increases submitted by Metropolitan Life Insurance Company (“Metlife”) and Unum Life Insurance Company of America (“Unum”). The Office has elected to host the public hearings in South Florida because most of the policyholders affected by the filings live in Broward or Miami-Dade County.
Metlife is proposing long-term care insurance rate increases ranging from 20% up to 95%. These increases are expected to affect more than 22,000 policyholders in Florida. Unum is proposing rate increases ranging from 0% up to 114%. These increases are expected to affect more than 45,000 Florida policyholders.