Most insurance companies are reliable, and sometimes a reasonable increase in insurance premiums is justified. Even the most reasonable person would agree, however, that three increases over a six-year period, cumulatively totaling more than a 100 percent hike in premiums, would be unjustified, harmful and unconscionable.
That is what is being done to thousands of seniors and pre-retirees in Kentucky who bought long-term care insurance years ago from Life Investors Company of America, now called Transamerica.
State insurance regulators are supposed to protect the people of Kentucky from such practices by carefully screening requests for rate increases. It is pretty clear, however, that the Kentucky Department of Insurance doesn't see it that way. It apparently has never seen a rate increase that it doesn't like.