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31.14.02.00.htm 31.14.02.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 14 LONG-TERM CARE Chapter 02 Long-Term Care Insurance ― Premium Rates and Reserves Authority: Health-General Article, §19-705; Insurance Article, §2-109, 14-124, Title 18, Subtitle 1, and Title 27; Annotated Code of Maryland
31.14.02.01.htm 31.14.02.01. 01 Applicability and Scope.. This chapter applies to all long-term care insurance delivered or issued for delivery in this State by insurers, nonprofit health service plans, and health maintenance organizations. This chapter is not intended to supersede other applicable insurance laws or regulations which do not conflict with this chapter.
31.14.02.02.htm 31.14.02.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Employer group long-term care insurance" means a long-term care insurance policy that is:. a) Issued or delivered in Maryland to:. i) One or more employers or labor organizations; or. ii) A trust or the trustees of a fund established by one or more employers or labor organizations, or by a combination of employers or labor organizations; andi) Employees or former em
31.14.02.03.htm 31.14.02.03. 03 Required Disclosure of Rating Practices to Consumers.. A. Applicability.. 1) Except as provided in §A(2) and (3) of this regulation, the provisions of this regulation apply to any long-term care policy or certificate issued in this State on or after October 1, 2002.2) For certificates issued on or after April 1, 2002, under an employer group long-term care insurance policy that was in force on April 1, 2002, the provisions of this regulation apply on the policy
31.14.02.04.htm 31.14.02.04. 04 Initial Filing Requirements.. A. Applicability.. 1) Sections B.D. of this regulation apply to any long-term care policy issued in Maryland on or after October 1, 2002 and before September 1, 2017.2) Sections E.H. of this regulation apply to any to any long-term care policy issued in Maryland on or after September 1, 2017.B. An insurer shall provide the following information to the Commissioner at least 60 days before making a long-term care insurance form available for sale:
31.14.02.05.htm 31.14.02.05. 05 Loss Ratio.. A. This regulation applies to all long-term care insurance policies or certificates except those covered under Regulations .04, .06, and, .06-1 of this chapter.B. Minimum Loss Ratios.. 1) Benefits under long-term care insurance policies shall be deemed reasonable in relation to premiums if the expected loss ratio is at least 60 percent, calculated in a manner which provides for adequate reserving of the long-term care insurance risk.2) In evaluating the expe
31.14.02.06.htm 31.14.02.06. 06 Premium Rate Schedule Increases.. A. Applicability.. 1) Except as provided in §A(2) of this regulation, the provisions of this regulation apply to any long-term care policy or certificate issued in Maryland on or after October 1, 2002 and before September 1, 2017.2) For certificates issued on or after April 1, 2002, under an employer group long-term care insurance policy that was in force on April 1, 2002, the provisions of this regulation apply on the policy
31.14.02.06-1.htm 31.14.02.06-1. 06-1 Premium Rate Schedule Increases for Policies Subject to Loss Ratio Limits Related to Original Filings.A. Applicability.. 1) Except as provided in §A(2) of this regulation, this regulation applies to any long-term care policy or certificate issued in Maryland on or after September 1, 2017.2) For certificates issued on or after the effective date of this amended regulation under an employer group long-term care insurance policy as defined in Regulation .02B(1) o
31.14.02.07.htm 31.14.02.07. 07 Exceptional Premium Rate Increases.. A. Except as provided in Regulation .06 of this chapter, exceptional increases are subject to the same requirements as other premium rate schedule increases.B. The Commissioner may request a review by an independent actuary or a professional actuarial body of the basis for a request that an increase be considered an exceptional increase.C. The Commissioner, in determining that the necessary basis for an exceptional increase exists, sha
31.14.02.08.htm 31.14.02.08. 08 Long-Term Care Personal Worksheet.. The disclosure required by Regulation .03J of this chapter shall read as follows:. Long-Term Care Insurance. Personal Worksheet. People buy long-term care insurance for many reasons. Some don't want to use their own assets to pay for long-term care. Some buy insurance to make sure they can choose the type of care they get. Others don't want their family to have to pay for care or don't want to go on Medicaid. But long-term ca
31.14.02.09.htm 31.14.02.09. 09 Potential Rate Increase Disclosure Form.. The disclosure required by Regulation .03J of this chapter shall read as follows:. Long-Term Care Insurance. Potential Rate Increase Disclosure Form. Important Notice: Your long-term care insurance company may increase the premium for your policy every year. You have certain rights and it’s important that you understand them before you buy a long-term care insurance policy. Please read this information and be sure you und
31.14.02.10.htm 31.14.02.10. 10 Reserve Standards.. A. Life Insurance Policies That Accelerate Benefits for Long-Term Care.. 1) This section applies to long-term care benefits that are provided through the acceleration of benefits under group or individual life insurance policies or riders to group or individual life insurance policies.2) Policy reserves for the benefits for the policies and riders subject to this section shall be determined in accordance with Insurance Article, Title 5, Subtitle 3, Annotate
31.14.02.11.htm 31.14.02.11. 11 Claim Reserves.. A. General Claim Reserve Requirements.. 1) An insurer shall establish a claim reserve for all incurred but unpaid claims on all long-term care insurance.2) An insurer shall establish an appropriate claim expense reserve with respect to the estimated expense of settlement of all incurred but unpaid claims under long-term care insurance.3) An insurer shall test the long-term care claim reserve and claim expense reserve for prior valuation years for adequacy an
31.14.02.12.htm 31.14.02.12. 12 Premium Reserves.. A. General Premium Reserve Requirements.. 1) An insurer shall establish an unearned premium reserve for all long-term care insurance with respect to the period of coverage for which premiums, other than premiums paid in advance, have been paid beyond the date of valuation.2) If long-term care insurance premiums due and unpaid are carried as an asset, the insurer shall treat the premiums that are due and unpaid as premiums in force, subject to u
31.14.02.13.htm 31.14.02.13. 13 Contract Reserves.. A. General Contract Reserve Requirements.. 1) The insurer shall establish a contract reserve in addition to claim reserves and premium reserves for long-term care insurance.2) An insurer shall:. a) Use methods and procedures for long-term care contract reserves that are consistent with those for claim reserves for a long-term care contract; orb) If the insurer uses different methods and procedures for long-term care contract reserves than ar
31.14.02.14.htm 31.14.02.14. 14 Reinsurance Effect on Reserves.. Increases to, or credits against reserves carried, arising because of reinsurance assumed or reinsurance ceded, shall be determined in a manner consistent with the minimum reserve standards set forth in Regulations .11, .12, and .13 of this chapter and with all applicable provisions of the reinsurance contracts which affect the insurer's liabilities.
31.14.02.9999.htm 31.14.02.9999. Administrative History Effective date: November 8, 1993 (20:22 Md. R. 1707) ―. Chapter recodified from COMAR 09.30.89 to COMAR 31.14.02 effective September 7, 1998 (25:18 Md. R. 1439) ―Chapter revised effective April 1, 2002 (29:6 Md. R. 572). Regulation .01 amended effective September 1, 2014 (41:17 Md. R. 972). Regulation .03 amended effective February 27, 2017 (44:4 Md. R. 256). Regulation .03B amended effective February 10, 2019 (45:24 Md. R. 1164).
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