Bankers Life & Casualty Company – Individual (2002-2005)
Rate request: 30 percent increase
On March 17, 2020 Bankers Life & Casualty Co. requested an increase of 30 percent for several of its individual long-term care plans. The plans were marketed from 2002 to 2005 and are no longer being marketed. There are approximately 250 policies currently in effect in Connecticut.
The company said it sought the increase because of significantly higher than anticipated future and lifetime loss ratios. The company said that it is the result higher than expected claim costs, resulting in inadequate premium rates over the lifetime of the policy forms.
After Actuarial review, the Department approved the 30% increase, to be spread out over three years, on June 1, 2020. The Connecticut and nationwide experience continue to deteriorate with the Connecticut block considerably higher than anticipated levels.
Under Connecticut law, rate increases of 20 percent or more must be phased in over three years or more.
Find the filing documents here at Long-Term Care Insurance Rate Filing