Long-Term Care Rate Filing - Continental Casualty Insurance (Individual)
Rate request: 80 percent increase
Decision: Disapproved on December 8, 2014
On October 15, 2014, Continental Casualty Insurance requested an 80 percent rate increase for its long-term care plans. The plans were sold from March 1999 through June 2003 and are no longer being marketed. Any rate change would affect renewals only. The renewals are guaranteed, meaning the company cannot refuse to renew a policy.
There are 918 policies currently in effect in Connecticut. The company sought the increase because it projected that the benefits to be paid out over the lifetime of the plans is higher than originally anticipated. There have been no rate changes to date on this block of business in Connecticut.
After an actuarial review, the Department determined that this particular block of business in both Connecticut and nationally is performing better than expected. As a result, the Department disapproved the rate increase request on December 8, 2014.
Content Last Modified on 12/9/2014 2:57:27 PM