Long-Term Care Rate Filing - Continental Casualty Insurance (Individual)
Rate request - 80 percent increase
Decision - Disapproved
On December 4, 2012, 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 965 policies currently in effect in Connecticut. The company said it sought the increase because the estimate of benefits to be paid out over the lifetime of the plans is higher than originally projected. The requested increase would have raised the average premium on Continental Casualty policies in Connecticut from $2,090 to $3,762 or approximately $140 more per month.
After an actuarial review, the Department determined that the increase was excessive and not justified and rejected the request on January 18, 2013.
Content Last Modified on 1/22/2013 3:21:10 PM