Long-Term Care Rate Filing - UNUM Life Insurance Co. of America (Group)
Rate Request: 45 percent average increase
Decision: Disapproved March 21, 2014
On February 5, 2014, UNUM Life Insurance Company of America requested an average increase of 45 percent for its group long-term care plans sold under the UNUM policy forms. The plans are no longer being marketed. There are 2,217 policies currently in effect in Connecticut.
The company said it sought the increase to insure that “our policies remain priced at an appropriate level to meet our future claims obligations.” The company stated that the new premiums would better reflect overall claims rates. In its filing the Connecticut Insurance Department, the company reported that in 2012 it was granted a 72 percent increase – to be implemented over three years – by its home state of Maine.
An actuarial review by the Insurance Department, however, determined that a previously approved 30 percent increase for Connecticut plans in 2012 has yet to have an impact on the company’s reported experience. Therefore, the Department disapproved the rate increase on March 21, 2014, ruling that any increase would be excessive at this time.
Content Last Modified on 3/24/2014 10:31:25 AM