NewYork Life Insurance Company – Individual (2002 to 2012)
Rate Request: 49.5 percent increase
Decision: Under Review
Public Comment Period: Will remain open until filing is closed
On October 25, 2019 NY Life Insurance requested an average rate increase of 49.5 percent on a block of long-term care policies sold to individuals in Connecticut from 2002 to 2012 (applies to Partnership and non-Partnership policies). These policies are no longer being marketed.
There approximately 557 policies in force in Connecticut.
The company said the rate increase is needed due to higher than expected policy persistency and higher projected claims.
The company said it will offer its customers several options to change benefits to keep premium at previous levels.
If approved the new rates will be implemented at least 60 days after the company notifies its policyholders of a price change. Under Connecticut law, long-term care premium increases of 20 percent or more must be phased in over three years or longer.