May 27, 2014 at 11:45 AM
Allianz Life Insurance Company of North America is seeking permission to increase premiums an average of 25 percent on some long-term care insurance (LTCI) policies sold in Connecticut.
The rate increase requests would affect about 600 policies sold from 1993 through 2009.
Allianz Life stopped selling LTCI policies in 2010.
The company said the performance of the policies still in force in Connecticut has been worse than expected.
Results for a block of 370 policies have been so bad that, in theory, the company could justify a premium increase of more than 400 percent, the company told state officials.
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