Long-Term Care Rate Filing - New York Life Insurance co. (Individual-Form 5000)
Rate request - 21.1 percent average increase
Decision - Disapproved on March 25, 2013
On January 18, 2013, New York Life Insurance Company requested an average increase of 21.1percent for its individual long-term care plans (Form 5000). The plans were sold in Connecticut beginning in 2002 and are still being marketed. There are 580 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 claims costs on this block of business – particularly in Connecticut - were much lower than the company had projected. Therefore, the Department rejected New York Life’s 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 4:55:57 PM