As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed.
In September 2013, we announced our intention to seek premium increases on certain Privileged Choice and Classic Select policies sold between 2003 and 2012. Subsequent to that announcement, we received approval for, and implemented, a 15% premium increase in Ohio. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us form requesting the fully justified amount. In 2016, we began requesting the full amount in states that previously allowed our 2013 ask.
Ohio has now allowed our requested increase, and the details of the implementation of this premium change are below:
| Ohio | |
| Product Series | Increase Percentage |
| Privileged Choice | 15% |
| Classic Select | 15% |
This rate increase applies to non-AARP policies only.
Communications Timeline
Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will continue throughout the next year. Impacted policyholders will be notified st least 60 days in advance of their billing anniversary dates.
- Agent notifications begin: November 29, 2016
- Policyholder notifications Begin: December 6, 2016
Click here for the full Genworth bulletin on this action which includes more details.