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September 27, 2004
Evidently, 'long term' is also a relative term
Garamendi's department, which quietly approved the increase over a year ago, claims that increases were warranted. State officials were apparently unwilling to look beyond the balance sheet that accompanied CNA's request for its rate hike. If the actuarial staff, obligated to determine the validity of CNA's request, had really investigated, it might have discovered what subsequent research revealed about CNA and other long-term care insurers.
Posted by Tom Troceen