Long-Term Care Rate Filing - New York Life Insurance Co. (Individual-Form 4300)
Rate request - 20.7 percent average increase
Decision - Disapproved on March 25, 2013
On January 18, 2013, New York Life Insurance Company requested an average increase of 20.7percent for its individual long-term care plans (Form 4300). The plans were sold in Connecticut beginning from 1997 to 2004 and are no longer being marketed. There are 260 policies currently in effect in Connecticut. The company said it sought the increase because of the higher than expected number of policies still in force and the projected costs of claims for those policyholder expected to draw on their benefits.
After an actuarial review, the Department determined that the Connecticut claims costs on this block of were lower than the company had projected with its original pricing. The Departmentís actuarial review also determined that Connecticut experience has not contributed to the worse-than-expected experience the company encountered on a national basis. Therefore, the Department rejected New York Lifeís request on March 25, 2013, ruling that any increase at this time would be excessive.
The Department received no public comments during the 20-day public comment that the filing remained open.
Content Last Modified on 3/25/2013 4:59:37 PM