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Carrier seeks LTCI rate increases

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A unit of MetLife Inc. (NYSE:MET) is asking Connecticut for permission to increase rates for 10,716 Connecticut holders of individual long-term care insurance (LTCI) policies issued from 1990 through 2001.

Nine of the requests are for increases of 80 percent to 100 percent. The other four are for increases of 50 percent to 71 percent. 

The requested increases would affect holders of 13 different types of LTCI policies. Three of the policies were sold only in Connecticut. The others were sold in Connecticut and in other states.

In three full applications reviewed, Milliman Inc. says it is filing the applications on behalf of GNA Corp., a unit of Genworth Finanical Inc. (NYSE:GNW).

GNA is the reinsurer for MetLife Insurance Company of Connecticut, the issuer of the coverage, and Union Fidelity Life Insurance Company is the retrocessionaire, or reinsurer for the reinsurer, according to the filings.

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