Volume 6, No. 1 - January 2017

News You Can Use

- Updating you on what's going on

Insurance Commissioner Announces Agreements for 10-Year Long-Term Care Insurance Rate Guarantees by MetLife & Unum

Florida Insurance Commissioner David Altmaier has made rate filing decisions on long-term care insurance products for Metropolitan Life Insurance Company (“MetLife”) and two subsidiaries of the Unum Group, Unum Life Insurance Company of America and Provident Life and Accident Insurance Company (“Unum”). These decisions reflect agreements by MetLife and Unum to give their policyholders guaranteed certainty about the cost of their long-term care insurance for the next 10 years. Rates approved by the Office will be phased-in by the insurance companies incrementally over an initial three-year period, with average monthly premium increases ranging from $4 to $44 for MetLife and $5 to $55 for Unum. During the next seven year period, rates will be guaranteed, with no additional rate changes for affected policyholders. In addition to the rate guarantee, policyholders will also be given a range of benefit options to choose from in mitigating the rate increase. These include allowing the policyholder to accept a reduction or removal of the inflation factor, reduction in the daily benefit provided for in the policy or an increased elimination period. It also includes a non-forfeiture provision that allows policyholders who do not wish to make future premium payments to accept a paid-up policy with maximum benefits equal to the premiums they have already paid for in the policy.

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Consumer Finance Companies Fined $500,000

The Florida Office of Financial Regulation announced a settlement agreement with three internet consumer loan businesses, CashCall, Inc., Western Sky Financial, LLC and WS Funding, LLC, who acted together in an organized scheme to charge Floridians exorbitant and illegal rates of interest on personal installment loans. The settlement resulted in a $500,000 fine, revocation of CashCall, Inc.’s consumer finance license and a lifetime ban on licensure by the Florida Office of Financial Regulation for all control persons affiliated with the three companies.

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Florida Office of Financial Regulation Releases Annual Fast Facts

The Florida Office of Financial Regulation (OFR) today released the fourth edition of its annual Fast Facts, providing consumers and industry groups a broad overview of the agency’s duties and achievements in the 2015-16 Fiscal Year.

Commissioner Drew J. Breakspear said, “Our annual Fast Facts highlights the agency’s key functions and successes in a handy, pocket-sized booklet. The Fast Facts is a valuable consumer education tool that can help Floridians learn more about what we do and how we can help them. We are proud of the good work done by our licensing, examination, consumer resources and investigative staff in protecting consumers and helping the financial services industry thrive.”

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Office Issues 2016 Workers’ Compensation Annual Report

The Florida Office of Insurance Regulation (Office) has released the 2016 Workers' Compensation Annual Report to the Florida Legislature. The Office is required by law to annually evaluate competition in the workers’ compensation market and to investigate and use data in its review of associated rate filings.

For more information on this subject, please visit the Office’s Workers’ Compensation webpage.

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