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Agreements Reached On Long-Term Care Insurance

Florida Office of Insurance Regulation
The Florida Channel
Leon County Judge John Cooper on June 30, 2022, in a screen grab from The Florida Channel.

State regulators and insurers have reached agreement on 10-year plans that include rate increases on long-term care insurance policies, the Florida Office of Insurance Regulation said Thursday.

The agreements involve Metropolitan Life Insurance Company and two subsidiaries of the Unum Group.

Regulators held hearings in August on requests by the companies to increase long-term care insurance rates. Under the agreements, varying levels of rate increases will be phased in over three years. The affected policyholders then would not see any rate changes during the following seven years, the Office of Insurance Regulation said.

The Unum subsidiaries are Unum Life Insurance Company of America and Provident Life and Accident Insurance Company.