CID: Long-Term Care Rate Filing - Genworth Life Insurance Company - Individual (7035-37 series)

Long-Term Care Rate Filing - Genworth Life Insurance Company - Individual (7035-37 series)



Rate request: 58.9 percent average increase

Decision: Disapproved, limited to 18% increase on November 28, 2017

On October 10, 2017 Genworth Life Insurance requested an average rate increase of 58.9 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 about 4,700 policies in force in Connecticut.

The company said the rate increase is 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 company’s claims costs are running much higher than what it anticipated when the product was originally priced. However, the Department also determined that the rate increase request was inappropriate. As a result, the Department disapproved the increase request and, instead, limited it to an 18 percent average rate increase.

The company said it will offer its customers several options to change benefits and keep premium costs. The new rates will be implemented 60 days after policyholders have been notified.


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


Content Last Modified on 11/28/2017 2:28:37 PM