CID: Long-Term Care Rate Filing - Genworth Life Insurance Company - Individual (7035, 7037)

Long-Term Care Rate Filing - Genworth Life Insurance Company - Individual (7035, 7037)



Rate request: 48.6 percent average increase

Decision: Disapproved, limited to a 17% increase on March 9, 2016


On December 30, 2015 Genworth Life Insurance requested an average rate increase of 48.6 percent on a series of individual long-term care policies that were sold in Connecticut from 2002 to 2005. They are no longer being marketed.

There are approximately 4,800 policies in force in Connecticut.

The company said the rate increase was needed because the benefit costs far exceed what the company had originally projected when it originally priced these products. Genworth says it has been paying benefit costs longer than expected and there are more policies in effect that what the company had anticipated.

After an actuarial review, the Department determined that the block of business is performing worse than expected, both in Connecticut and nationwide. However, the Department noted that the company’s rate filing did not take into account the impact of a previously approved increase. As a result, the Department disapproved the initial increase request and limited the increase to an average of 17 percent on March 9, 2016.

The company said it would offer its customers several options to change benefits and keep premium costs.


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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 3/9/2016 3:50:20 PM