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October 07, 2005 at 08:00 PM
Delaware Insurance Commissioner Matt Denn says he has rejected “large rate increases” proposed by several long term care insurance companies.[@@]
Denn also says he will review all rate increases for LTC insurance policies sold in the state in the last 2 years.
Some carriers have recently raised rates “far in excess of what they promised in marketing their products,” Denn said in announcing his investigation.
Delaware law requires LTC insurance policies to declare a maximum annual rate increase to the policy buyer, according to the commissioner. Recently, some companies have asked for increases that were higher than the declared maximum, Denn says.
Penalties for companies that overcharge their policyholders include fines of up to $10,000 for each violation.
