Section R590-148-22 - Loss Ratio(1) This section shall apply to all individual long-term care insurance policies except those covered in Sections R590-148-21 and R590-148-24.(2) Benefits under individual long-term care insurance policies shall be deemed reasonable in relation to premiums provided the expected loss ratio is at least 60%, calculated in a manner which provides for adequate reserving of the long-term care insurance risk.(3) 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;(j) experimental nature of the coverage;(l) mix of business by risk classification; and(m) product features such as long elimination periods, high deductibles and high maximum limits.(4) The premiums charged to an insured for long-term care insurance may not increase due to either:(a) the increasing age of the insured at ages beyond 65; or(b) the duration the insured has been covered under the policy.(5) Rate filings documents must contain all information required in R590-85-4.Utah Admin. Code R590-148-22