Long-Term Care Insurance Rate Filing - Genworth Life Insurance Company (Group)
Rate request - 35% increase
Decision - Disapproved on January 25, 2013
On December 5, 2012, Genworth Life Insurance Company requested a 35 percent increase on its group policy form 7040, which was first issued in October 1999. This form is currently being marketed and sold in Connecticut. Genworth intends to close this group policy to new enrollees effective December 31, 2012. There are approximately 1,460 certificate holders in-force in Connecticut. This is the first rate change request on this form. The requested increase would have raised the average yearly premium from $918 to $1,239 or about $27 more per month.
After an actuarial review, the Department determined that the actual experience of this block of business in both Connecticut and nationally is better than what the company expected. As a result, the Department rejected the request, ruling that any increase at this time would be excessive and unnecessary.
Content Last Modified on 1/25/2013 2:59:57 PM