CID: Long-Term Care Rate Filing - Genworth Life Insurance Company (Individual - Choice 2 policy)

Long-Term Care Rate Filing - Genworth Life Insurance Company (Individual - Choice 2 policy)


 
Rate request:19.2 percent increase
 
Decision: Disapproved on April 28, 2015

On March 31, 2015 Genworth Life Insurance requested a rate increase of 19.2 percent on its “Choice 2” individual long-term care policies that were sold from 2004 to 2012. They are no longer being marketed.

There approximately 9,900 policies in force in Connecticut.

The company said the rate increase is being requested due to a higher than anticipated lifetime loss ratio caused by lower than anticipated policy termination experience.

After an actuarial review, the Department determined that that claims experience in both Connecticut and nationwide on this closed block of business has been much better than expected. As a result, the Department disapproved the requested increase on April 28, 2015.

The Department received no public comments on this filing.


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Find the filing, brief summary and public comment section here at Long-Term Care Insurance Rate Filing


Content Last Modified on 4/28/2015 3:31:03 PM