"Across most of the country we have requested rate increases of up to 30%, which was determined by balancing the premium needed to support the expected benefits and the ability of our clients to manage the increases. In lieu of a larger single increase, the state of New York prefers smaller annual increases over time and approved a single increase of 5% at this time. Based on current assumptions it is expected that future increases of similar size will be needed annually for the foreseeable future. We intend to request these future increases which would be subject to the review and approval of the state of New York on an annual basis."
Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Received a letter today from Northwestern. I was surprised the rate increase was modest—hats off to the NYS Department of Financial Services for insisting on some restraint. With any luck, in a rising interest rate environment, the state of New York will scale back any future rate approvals even more. Here's Northwestern's announcement: