Colorado Insurance Commissioner Marcy Morrison has issued a statement saying her department’s review of rate filings by two insurers has saved consumers almost $4 million.
According to the Department of Insurance, The Hartford Insurance Group proposed a 2.2 percent decrease for commercial multi-peril insurance, but DOI actuaries contested that the decrease should have been larger. The company agreed to an overall decrease of 14.9 percent in rates, resulting in a consumer savings of $3.5 million.
The Penn Treaty Network American Insurance Co. had not submitted an increase in its rate filings for long-term care insurance since 2004. The company proposed a rate increase with a wide difference depending on the book of business.
“Our chief actuary worked with the company to discuss why necessary rate increases had not been filed by the company,” Commissioner Morrison said. Eventually, the company agreed to flat rate increase across all of its book of business for long-term care insurance. The DOI said the consumer savings associated with this negotiation is $406,797.
Source: DOI
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