CID: Long-Term Care Rate Filing - RiverSource Life Insurance Company (Individual)

Long-Term Care Rate Filing - RiverSource Life Insurance Company (Individual)

Rate request: 19.9 percent increase

Decision: Disapproved September 24, 2015

On July 10, 2015, RiverSource Life Insurance Company requested a 19.9 percent rate increase for its long-term care plans. The form was sold from 2000-2003 and is no longer being marketed and any rate change would affect renewals only. The renewals are guaranteed, meaning the company cannot refuse to renew a policy.

There are currently 688 policies in effect in Connecticut. The company said it was seeking the increase because the current pricing is inadequate to meet the anticipated benefit costs. There is a higher than expected number of policies still in force and more policyholders are expected to draw on those benefits.

After an actuarial review, the Department determined that the company’s actual experience – claims and premiums – has been better than expected than when the rates were originally developed and that any increase would be deemed excessive.

As a result, the Department disapproved the request on September 24, 2015.


Find the filing, brief summary and public comment section here at Long-Term Care Insurance Rate Filing

Content Last Modified on 9/25/2015 2:46:41 PM