CID: Long-Term Care Rate Filing - Continental Casualty Company (Individual)

Long-Term Care Rate Filing - Continental Casualty Company (Individual)

Rate Filing Review: 33.1 percent increase
Decision: Under Review
Public Comment Period: November 30, 2017 to December 19, 2017

On November 20, 2017, Continental Casualty Company requested an increase of 33.1 percent for its individual long-term care policies.

The policies were sold in Connecticut beginning in the early 1990s and are no longer being marketed. There are approximately 1,200 policies currently in effect in the state.

The company said it sought the increase because the original pricing does not support the higher than projected benefit costs that would be required over the life of these policies.

Unlike medical health insurance with premiums set to cover expenses incurred only during the upcoming policy year, long term care premiums are set to cover expenses that are not expected to occur until a distant date, sometimes 20 years in the future.

If approved, the new rates would be implemented 60 days after the company notifies customers. Under state law, rate increases of 20 percent or higher must be phased in over three years.

Find the filing, brief summary and public comment section here at All Current Rate Filings

Content Last Modified on 12/4/2017 12:32:24 PM