CID: Long-Term Care Rate Filing - RiverSource Life Insurance Company (Individual-Nursing Home 1997-2002)

Long-Term Care Rate Filing - RiverSource Life Insurance Company (Individual-Nursing Home 1997-2002)



Rate request: 19.9 percent increase

Decision: Disapproved, limited to a 10% increase on October 17, 2017

On July 18, 2017, RiverSource Life Insurance Company requested a 19.9 percent rate increase for its long-term care plans that provides a daily benefit to individuals in nursing homes. The policies were marketed from 1997 to 2002.

There are approximately 50 policies in effect in Connecticut. The company said it is 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.

In an effort to mitigate the impact of any potential increase, the company will offer its policyholders the option of reducing benefits or maintaining the premium level similar to what they were paying.

After an actuarial review, the Department determined that the company’s claims costs are running lower than anticipated but noted that nationwide the experience is beginning to deteriorate. As a result, the Department disapproved the initial rate increase request on October 17, 2017 and limited it to a 10 percent increase.


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Find the filing documents here at Long-Term Care Insurance Rate Filing




Content Last Modified on 10/23/2017 5:12:58 PM