On December 20, 2021 Genworth Life Insurance requested a rate increase of 83.1 percent on long-term care policies sold to groups (AARP Group) in Connecticut from 2005 to 2017. These policies are no longer being marketed.

There are approximately 124 lives in force in Connecticut.

The company said the rate increase is needed because actual historical experience combined with best estimate assumptions have resulted in lifetime loss ratios significantly higher than what was anticipated in pricing, driven by future expectation of morbidity experience. The company said it will offer its customers several options to change benefits to keep premium at previous levels.

After Actuarial review, the Department disapproved the rate increase on May 18, 2022. The Connecticut is significantly more favorable and even though it is less credible, there are only 124 insureds remaining and the block still needs to meet the minimum lifetime loss ratio of 65%.

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