CID: Long-Term Care Rate Filing - RiverSource Life Insurance Company (Individual-Nursing Home 1998-2002)

Long-Term Care Rate Filing - RiverSource Life Insurance Company (Individual-Nursing Home 1998-2002)



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 that pays a daily benefit for nursing home care. The form was sold from 1998-2002 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 58 policies in effect in Connecticut. The company said it sought 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 Connecticut experience – claims and premiums – has been better than expected than when the rates were originally developed and is not contributing to the poorer than expected national experience.

As a result, the Department ruled that that any increase would be deemed excessive and disapproved the request on September 24, 2015.


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




Content Last Modified on 9/25/2015 12:19:28 PM