CID: Long-Term Care Rate Filing - Genworth Life Insurance Company (Individual - AARP)

Long-Term Care Rate Filing - Genworth Life Insurance Company (Individual - AARP)

Rate request: 55.3 percent increase

Decision: Disapproved, limited to a 10% increase on September 21, 2017

On May 10 2017 Genworth Life Insurance requested a rate increase of 55.3 percent on individual long-term care policies sold to AARP members in Connecticut from 2007 to 2012. These policies are no longer being marketed.

There are 465 of these policies in force in Connecticut.

The company said the rate increase is needed because of worsening experience. The benefit costs far exceed what the company had originally projected when it originally priced these products.

After an actuarial review, the Department determined that while both the Connecticut block of business and the company’s nationwide market has been performing better than expected, but noted there are signs that the most recent experience is beginning to deteriorate. As a result, the Department disapproved the initial rate increase request and instead limited the increase to 10 percent on September 21, 2017.


Find the filing documents here at Long-Term Care Insurance Rate Filing

Content Last Modified on 9/28/2017 5:13:19 PM