NewYork Life Insurance Company – Individual (2002 to 2012)
Rate request: 49.5 percent average increase
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.
After Actuarial review, the Department approved the actuarially justified rate increase and accepted a lower increase for those at higher attained ages on May 21, 2020. With this approval is a rate guarantee for the remaining lifetime of the policies and the form will still need to meet the minimum loss ratio of 60% over the lifetime.
If approved the new rates will be implemented at least 60 days after the company notifies its policyholders of a price change. Any increases greater than 20% will be spread out over 3 years.
Find the filing documents here at Long-Term Care Insurance Rate Filing