CID: Long-Term Care Rate Filing - Genworth Life Insurance Company (Individual: 2004-2012)

Long-Term Care Rate Filing - Genworth Life Insurance Company (Individual: 2004-2012)


 
Rate Filing Review: 50.4 percent increase
 
Decision: Under Review
 
Public Comment Period: September 8, 2018 to September 28, 2018

 
On August 17, 2018 Genworth Life Insurance requested a rate increase of 50.4 percent on Choice 2, Classic Select and Privileged Choice long-term care policies sold to individuals in Connecticut from 2004 to 2012. These policies are no longer being marketed.

There approximately 9,500 policies in force in Connecticut.

The company said the rate increase is needed because more policyholders than originally assumed are claiming benefits and the premiums are not sufficient to offset those expected higher claims costs.

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

If approved the new rates will be implemented at least 60 days after the company notifies its policyholders of a price change. Under Connecticut law, long-term care premium increases of 20 percent or more must be phased in over three years or longer.

 
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Find the filing, brief summary and public comment section here at Health Insurance Rate Filings


Content Last Modified on 9/7/2018 3:10:47 PM