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I wouldn't necessarily call his example justified. Just because one company may have invested better than another doesn't give them a free pass so to speak.
They could lower rates and tighten underwriting. Still have to get approval.
Actually, Rick is spot on. Investment income is huge for life carriers, without it rates have to go up.
Your situation is more appropriate to the annuity world. Turn the spigot on for a while and then once enough business comes in, just turn it off. Changing rates has to be filed. No life company will go through that much trouble just to slow down business. There are much easier ways to slow down business if that is all that is desired.