ManhattanLife’s OmniFlex Short-Term Care insurance plan was originally filed with the Mississippi state Department of Insurance based on a 50% Loss Ratio. Upon further review, the MS DOI communicated to ManhattanLife that, going forward, it requires the STC plans be at a 55% Loss Ratio. This change will actually REDUCE plan premiums for the consumer. Note the change in Loss Ratio does impact agent compensation as well.
Commission for any OmniFlex STC policy already issued will remain at the original commission rate. Any OmniFlex STC policy written on or after September 20, 2023, will be paid at the 55% Loss Ratio rate.
Be on the lookout for another communication announcing the availability of updated Mississippi commission schedules, product materials, etc.