The purpose of this letter and attached actuarial memorandum is to request a rate increase for the inforce business sold under the Unum individual long-term care policy forms referenced in the subject line above. These policy forms are no longer marketed in any state. This is the first time that our Company has filed for a rate increase on these policy forms. The same filing was submitted to the Tennessee Department of Commerce and Insurance on April 17, 2012.
Provident is requesting the approval of a 90% premium rate increase on the base rates associated with the policy forms listed above. We intend to begin using these new premium rates in early 2013, or upon approval by your Department, whichever occurs later. Any approved premium rate increase will be effective upon the policyholder's next anniversary, subject to at least a 60 day notification to the insured or longer if required by your state.