044-37 Wyo. Code R. §§ 37-13 - Loss Ratio

Benefits under individual long-term care insurance policies shall be deemed reasonable in relation to premiums provided the expected loss ratio is at least sixty percent, calculated in a manner which provides for adequate reserving of the long-term care insurance risk. In evaluating the expected loss ratio, due consideration shall be given to all relevant factors, including:

(a) Statistical credibility of incurred claims experience and earned premiums;
(b) The period for which rates are computed to provide coverage;
(c) Experienced and projected trends;
(d) Concentration of experience within early policy duration;
(e) Expected claim fluctuation;
(f) Experience refunds, adjustments or dividends;
(g) Renewability features;
(h) All appropriate expense factors;
(i) Interest;
(j) Experimental nature of the coverage;
(k) Policy reserves;
(l) Mix of business by risk classification; and
(m) Product features such as long elimination periods, high deductibles and high maximum limits.

Notes

044-37 Wyo. Code R. §§ 37-13

State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.


No prior version found.