In this subtitle the following words have the meanings indicated. “Carrier” means an insurer, a nonprofit health service plan, or a preferred provider organization that offers, issues, or delivers a policy, contract, or certificate of long–term care insurance in the State. “Certificate” has the meaning stated in § 18–101 of this article. “Long–term care insurance” has the meaning stated in § 18–101 of this article.

The Commissioner shall provide information on the Administration’s Web site describing: the factors that carriers use to determine premium rates for policies or contracts of long–term care insurance; and the process and factors that the Administration uses in reviewing and approving premium rates for policies or contracts of long–term care insurance.

A carrier may not charge a premium to an insured under a policy or contract of long–term care insurance before the applicable premium rate is filed with and approved by the Commissioner. A carrier may not change the premium charged to an insured under a policy or contract of long–term care insurance until the applicable premium rate change has been filed with and approved by the Commissioner. Any applicable premium rate or premium rate change of a carrier shall be filed with the Commissioner in accordance with regulations adopted by the Commissioner. The Commissioner shall disapprove or modify a proposed premium rate filing if the proposed premium rates appear, based on actuarial analysis and reasonable assumptions, to be inadequate, unfairly discriminatory, or excessive in relation to benefits. In determining whether to disapprove or modify a premium rate filing of a carrier, the Commissioner shall consider, to the extent appropriate: past and prospective loss experience in and outside the State; underwriting practice and judgment; a reasonable margin for reserve needs; past and prospective expenses, both countrywide and those specifically applicable to the State; and any other relevant factors in and outside the State. Each premium rate filing and any supporting information filed under this subtitle shall be open to public inspection as soon as filed. A carrier may request a finding by the Commissioner that certain information filed with the Commissioner be considered confidential commercial information under § 4–335 of the General Provisions Article and not subject to public inspection. On request and payment of a reasonable fee, a person may obtain copies of a premium rate filing and any supporting information. Except as provided in paragraph (2) of this subsection, at least quarterly, the Commissioner shall hold a public hearing to review long–term care insurance rate filings received by the Commissioner during the preceding 3–month period. A public hearing is not required if the Commissioner has not received a long–term care insurance rate filing during the preceding 3–month period. The Commissioner shall provide all individuals present at a public hearing held under this subtitle who wish to testify an opportunity to do so, but may limit repetitious testimony. Each decision or finding of the Commissioner about premium rates made under this subtitle is subject to judicial review in accordance with Subtitle 5 of this title.

A carrier shall provide a one–time written notice to its insureds that an insured may access information about proposed rate increases on the Administration’s Web site. For a policy or contract issued or delivered on or after January 1, 2018, the one–time written notice shall be provided at the time the policy or contract is issued or delivered. For a policy or contract issued or delivered before January 1, 2018, the one–time written notice shall be provided no later than the next policy or contract anniversary date after January 1, 2018.