The Oregon Department of Consumer and Business Services has given John Hancock permission to increase premiums on 7,300 long-term care insurance (LTCI) policies an average of 39% each.
John Hancock, Boston, a unit of Manulife Financial Corp., Toronto (TSX:MFC), asked for the increase for a block of LTCI business that includes some policies originally sold by Time Insurance Company and Union Security Insurance Company, officials say.
Oregon officials estimate John Hancock accounted for about 14% of the state’s $133 million in LTCI premiums in 2010.