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Interesting summary in the link below from Agency Checklists Massachusetts Insurance News about the Superior Court in Massachusetts denying Genworth Life a 134% LTCI rate increase for failing to properly file Notice Of Effective date. From the piece:
In 2010, Genworth made a nationwide filing that years for rate increases of up to 18%. Massachusetts allowed Genworth a 10% rate increase.
Two years later, in December 2012, Genworth again filed in Massachusetts requesting increase on its long-term care insurance policies issued between September 1988 and September 2005. This request sought premium increases of up to 134 percent over existing premium rates on some of 14,500 of Genworth’s long-term care insurance policies issued Massachusetts residents between 1988 and September 2005...
Genworth submitted its 2012 rate increases to the Division of Insurance through the National Association of Insurance Commissioners’ System for Electronic Rates & Form Filing (“SERFF”). SERFF, implemented in Massachusetts in 2009...
Under the SERFF system Genworth could have requested a specific “Effective” or “Implementation” Date for the proposed rate increase, so long as that date was no earlier than 30 days after the SERFF filing. Genworth submitted no effective date with its filings. Instead under an alternative SERFF procedure Genworth requested its proposed rate increases become effective “On Approval.”
Apparently, Genworth left out an effective date anticipating, based upon its prior experience with the Massachusetts Division of Insurance in 2010 refusing to agree to an 18% increase, negotiations with the Division of Insurance over its up to 134% rate increase.
Court Denies Genworth Life 134% Rate Increase For Failing To Properly File Notice Of Effective Date | Agency Checklists
In 2010, Genworth made a nationwide filing that years for rate increases of up to 18%. Massachusetts allowed Genworth a 10% rate increase.
Two years later, in December 2012, Genworth again filed in Massachusetts requesting increase on its long-term care insurance policies issued between September 1988 and September 2005. This request sought premium increases of up to 134 percent over existing premium rates on some of 14,500 of Genworth’s long-term care insurance policies issued Massachusetts residents between 1988 and September 2005...
Genworth submitted its 2012 rate increases to the Division of Insurance through the National Association of Insurance Commissioners’ System for Electronic Rates & Form Filing (“SERFF”). SERFF, implemented in Massachusetts in 2009...
Under the SERFF system Genworth could have requested a specific “Effective” or “Implementation” Date for the proposed rate increase, so long as that date was no earlier than 30 days after the SERFF filing. Genworth submitted no effective date with its filings. Instead under an alternative SERFF procedure Genworth requested its proposed rate increases become effective “On Approval.”
Apparently, Genworth left out an effective date anticipating, based upon its prior experience with the Massachusetts Division of Insurance in 2010 refusing to agree to an 18% increase, negotiations with the Division of Insurance over its up to 134% rate increase.
Court Denies Genworth Life 134% Rate Increase For Failing To Properly File Notice Of Effective Date | Agency Checklists
