On November 21, 2022 Prudential Insurance Company of America requested an average increase of 13.2% for ILTC3 and 34.4% for ILTC3R, both blocks of business of individual long-term policies (ILTC3 and ILTC3R) which were sold from 2005 to 2012.

These are no longer being marketed. There are about 719 policies in force in Connecticut.

The company said in its filing that the increase is needed to help ensure that future premiums, in combination with existing reserves, will be adequate to fund anticipated claims. Some of Prudential’s pricing assumptions for these series of forms, although based on the best information then available, were not consistent with emerging experience.

Unlike medical health insurance with premiums set to cover expenses incurred only during the upcoming policy year, long term care premiums are set to cover expenses that are not expected to occur until a distant date, sometimes 20 years in the future.

After Actuarial Review, the Department disapproved the filing on March 20, 2023. The Department has decided that not enough time has elapsed since the last disposition date (March 2022) and this submission date (November 2022) to appropriately determine the impact of any recent experience or assumption updates.

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