The Connecticut Insurance Department has posted a batch of five long-term care insurance (LTCI) rate increase applications and application decisions on its websites.
The documents concern in-force LTCI policies sold by CNO’s Bankers Life and Casualty Company unit, Prudential Insurance Company, Manulife’s John Hancock Life Insurance Company unit, AIG’s American General Life Insurance Company of Delaware unit and State Farm Mutual Automobile Insurance Company.
The average increase requested is 35 percent for 1,864 Bankers Life policyholders, 40 percent for 1,000 Prudential policyholders, and 58.1 percent for John Hancock 1,779 certificate holders.
Regulators have announced decisions on the State Farm and American General increase requests.
Regulators rejected State Farm’s efforts to increase rates on a closed block of policies an average of 38 percent. After the increase, the average annual premium in Connecticut would have been $1,700.
At the end of 2012, there were 48 State Farm LTCI policyholders in Connecticut and 44,726 nationwide, according to the rate filings.