On May 16, 2023, RiverSource Life Insurance Company requested a 72.4 percent rate increase for its long-term care plans that provides a daily benefit to individuals in nursing homes (Form 30225-CT with 1997 revised rates). The policies were marketed from 1997 to 2002. No increase is being asked on the home health rider, if purchased.

There are approximately 41 policies in effect in Connecticut. The company said it is seeking the increase because of the combination of actual lapse and mortality running less than expected in pricing and actual morbidity experience worse than expected for older attained ages.

In an effort to mitigate the impact of any potential increase, the company will offer its policyholders the option of reducing benefits or maintaining the premium level similar to what they were paying.

Under Connecticut law, increases of 20 percent or more must be phased in over three or more years.

If approved, the new rates would take effect 60 days after the company notifies its policyholders.

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