The text below is not official; please refer to the PDF for the original document and authoritative text.

Statement from Commissioner Pieciak: DFR staff continue to work remotely and will do so until further notice. The department is still conducting business, however there may be some temporary delays in DFR services. 

Notice to Policyholders of Proposed Long-Term Care Rate Increase

Bulletin
Thursday, September 3, 2020
Insurance Bulletin #216

To increase consumer awareness and transparency, within 45 days after filing a proposed long-term premium rate increase with the Department, an insurer shall notify all policyholders of any proposed premium rate increase.

An insurer shall provide written notice by first-class mail to the last known mailing address of all affected individual policyholders, group policyholders, and others who are directly billed for group coverage. The insurer shall file a copy of the notice through SERFF in conjunction with its rate request, and within 45 days of the filing shall also file through SERFF a written certification that notices have been sent in accordance with this Bulletin.

The notice is not subject to the Department’s pre-approval, but the notice shall include:

The proposed rate increase for the individual or group policyholder.
A summary of why the rate increase is being requested.
A clear and conspicuous statement that the rate is subject to Department approval.
A statement that the policyholder may provide written or oral comments on the proposed rate increase to the Department.
The Department’s current consumer services contact information, including the website, email address, and toll-free telephone number.

This Bulletin applies to all long-term care rate filings submitted to the Department after September 1, 2020. Inquiries about this Bulletin should be directed to Emily Brown, Director of Rates and Forms (Emily.Brown@vermont.gov). 

____________________________________                   __________________________

Michael S. Pieciak, Commissioner                              Date

Contact Information

Department of Financial Regulation
Consumer Services 
89 Main Street, Montpelier, VT 05620 - 3101

802-828-3301
833-DFR-HOTLINE (toll free)
833-337-4685 (toll free)

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