The Connecticut Insurance Department has rejected a request from American Republic Insurance Co. to raise rates 35 percent for its individual major medical plans covering more than six dozen policyholders in the state.
The change would have affected Des Moines, Iowa insurer’s 81 Connecticut policyholders.
In its rate request filing American Republic defended the increase due to rising medical costs, including doctor visits and prescription drugs.
However, state regulators disapproved the request Monday, ruling that the increase was excessive and that the current rates were adequate and not unfairly discriminatory.
