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Continental General Insurance Company – Individual

Rate request: 425.2 average percent increase

Decision: Disapproved, limited to 40% increase

On July 28, 2020, Continental General Insurance Company requested a 192 percent average rate increase for its individual long-term care base policy forms and an average 399 percent increase on their Inflation Guard Riders’ Percentage Load.

The company began selling the plans in Connecticut in 1995 but is longer marketing them. There are 44 policies currently in effect in Connecticut.

The company said the increase is necessary at this time because Company experience on its Long-Term Care business indicates that the premium rates for these policy forms are inadequate.

Unlike medical health insurance with premiums set to cover expenses incurred only during the upcoming policy year, long term care premiums are set to cover expenses that are not expected to occur until a distant date, sometimes 20 years in the future.

After Actuarial review, the Department approved a 40% rate increase on November 12, 2020, to be phased in over 3 years due to Connecticut law (12.78% each of three years). The Connecticut experience, while not credible, has exceeded the required minimum lifetime loss ratio and anticipated experience levels, even though the nationwide experience has started to show signs of stabilization.

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



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