Many Connecticut insurance policy holders for long-term care have experienced a notable increase in their rates, marking the beginning of a trend that is likely to persist as a result of rising costs. Premiums spiked by double-digits for many among these policy holders, leaving them to wonder how much more they will need to pay in future months. Connecticut is not alone in these increases, as several other states have just filed rate actions, as well. These rate increases are being justified by rising costs and the need to compensate…
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California life insurer’s under investigation
Ten of California’s largest life insurance companies have come under investigation by state regulators for their handling of dormant policies. The ten are the latest in a sleuth of insurance companies nationwide that have been accused of withholding benefits from a policyholder’s family upon their death. Insurance Commissioner Dave Jones, along with State Controller John Chiang, will be leading the investigation. “The goal is to determine whether the insurance industry has engaged in unfair practices,” says Jones. The state’s probes uncovered some troubling information throughout the state, much of which…
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