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RiverSource Life Insurance Company - Individual (1998-2000)

Rate request: 44.8 percent increase

Decision: Disapproved, limited to a 30% increase

On January 11, 2019, RiverSource Life Insurance Company requested a 44.8 percent rate increase for its federally tax qualified long-term care plans that provides benefits for nursing home stays and some home care. The policies were marketed from 1998 to 2000.

There are just under 650 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 experience for both the Connecticut and nationwide blocks of business has been worse than expected and will most likely lead to a lifetime loss ratio in excess of 60%. As a result, the Department disapproved the initial rate increase request and instead limited to a 30.0 percent increase on April 5, 2019. This will be implemented in three annual increases of 9.14%.

The new rates will begin to take effect 60 days after the company notifies its policyholders.


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