State regulators and insurers have reached agreement on 10-year plans that include rate increases on long-term care insurance policies, the said Thursday.
The agreements involve Metropolitan Life Insurance Company and two subsidiaries of the .
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.
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