On October 17, 2022, Genworth Life Insurance requested a rate increase of 138 percent on long-term care policies sold to groups (AARP Group) in Connecticut from 2008 to 2013. These policies are no longer being marketed.

There are approximately 122 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 rate request has been disapproved as submitted on March 16, 2023. The Department has decided that not enough time has elapsed since the last disposition (May 2022) to appropriately determine the impact of any recent experience or assumption updates.

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