Connecticut regulator approves Transamerica LTC hike
Connecticut’s lead insurance regulator approved steep premium hikes for long-term-care insurance held by nearly 10,000 Transamerica policyholders, while limiting Genworth’s request for a similar increase for thousands of customers.
The Connecticut Insurance Department approved requests by Transamerica for increases of between 30 percent and 40 percent across a trio of plans, with the company stating its actuaries underpriced policies it sold in Connecticut, with claims higher than expected.
The increases will be phased in over three years, with policyholders having the option to decrease the level of benefits for which they enrolled.
The insurance department approved as well a 15 percent increase for some 4,600 Genworth policies in Connecticut, less than half what the company sought.
Alex.Soule@scni.com; 203-842-2545; @casoulman