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Prudential Insurance Company of America – Group (1998-2009)

Rate request: 37.6 percent average increase

Decision: Disapproved, limited to 0-10% increase

On March 12, 2020 Prudential Insurance Company of America requested an average increase of 37.6 percent on a block of business of group long-term policies which were sold from 1998 to 2009. The range of increase is 25% to 38%.

These are no longer being marketed. There are about 3775 policies in force in Connecticut.

The company said in its filing that the increase is needed to help ensure that future premiums, in combination with existing reserves, will be adequate to fund anticipated claims. Some of Prudential’s pricing assumptions for these series of forms, although based on the best information then available, were not consistent with emerging experience.

After Actuarial review, the Department approved a 10% increase on the GTLC3 group and disapproved an increase on the GLTC2 group on June 23, 2020. While both have better than anticipated historical experience, the projected lifetime loss ratio for GLTC3 well exceeds the 65% minimum.

The new rates will take effect after the company has notified its policyholders, according to the contractual and regulatory provisions.



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