On June 9, 2023, Genworth Life Insurance requested a rate increase of 171 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.

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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