The Massachusetts Division of Insurance said it has negotiated with 16 long-term care insurance carriers to limit rate increases to levels "significantly below what were originally requested."

The division said it did not allow a rate increase of higher than 40%, and all increases above 10% will be spread over multiple years with annual increases limited to 10%. The move impacts roughly 55,000 long-term care insurance policyholders.

The insurers also agreed to improved consumer protections and options for policyholders who experience rate increases.