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State dedicated to thoughtful oversight on long-term care insurance

The Sept. 6 article “Rates for long-term insurance may double” omitted critical points about how rates are regulated by the Division of Insurance as well as the Patrick administration’s commitment to contain costs and protect consumers.

Any time a company seeks an increase, it must prove that its rates are not excessive, inadequate, unreasonable, or discriminatory and that they meet the division’s extensive consumer protection requirements. Rate requests are scrutinized to balance consumers’ need for high-quality, affordable insurance with company solvency to address policyholder claims.

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Long-term care insurance is a complex product, and the past decade has seen substantial changes to the industry. A 2012 Massachusetts law now provides additional standards and regulatory requirements for this insurance. We have solicited input from a broad audience as we draft regulations to ensure that the best interests of all parties are considered.

We remain dedicated to protecting and empowering consumers, imposing strong regulatory oversight, and ensuring the financial viability of the insurance companies serving the residents of the Commonwealth.

Joseph G. Murphy

Commissioner

Division of Insurance

Boston

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