Florida, a state known for tough long-term care insurance regulation, has worked out LTCI rate increase agreements with units of two large carriers.

The Florida Office of Insurance Regulation says it will let the issuers involved phase in increases over three years.

The issuers have agreed to keep the premiums in force after three years and stable for another seven years.

The issuers involved are Metropolitan Life Insurance Company, a unit of New York-based MetLife Inc., Unum Life Insurance Company of America and Provident Life and Accident Insurance Company. Unum Life and Provident Life are units of Chattanooga, Tennessee-based Unum Group. 

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The total average monthly premium increases will range from $14 to $112 for the policyholders with coverage from Metropolitan Life, and from $18 to $133 for holders of coverage from the Unum units, according to Florida officials’ summary of the rate actions.

The rate increases average from about 20 percent to 95 percent for the Metropolitan Life policies, and from 0 percent to 114 percent for holders of the Unum unit coverage.

The Metropolitan Life unit has about 22,000 LTCI policyholders in Florida, and the Unum units have about 46,000 LTCI policyholders in the state.

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