Public Hearing on Pending Rate Increases on Certain Long-Term Care Insurance Products from Genworth Life Insurance Company and The Prudential Insurance Company of America
COLUMBIA, SC – The South Carolina Department of Insurance (SCDOI) is holding two public hearings concerning Genworth Life Insurance Company’s and The Prudential Insurance Company of America’s pending requests for rate increases on certain long-term care insurance products. The two separate public hearings will take place on two different days.
Genworth Life Insurance Company’s public hearing will be held Wednesday, February 5, 2020 at 10 a.m. in the conference room located on the 11th floor of the SCDOI office building (1201 Main Street, Columbia, SC 29201).
The Prudential Insurance Company of America’s public hearing will be held Thursday, February 6, 2020 at 10 a.m. in the conference room located on the 11th floor of the SCDOI office building (1201 Main Street, Columbia, SC 29201).
Consumers who are impacted by these rate increases are urged to attend. At each hearing, consumers will have an opportunity to address representatives from the company, who will be present to explain why they have requested these rate increases. The SCDOI’s external consulting actuary, of the company Lewis & Ellis Inc., will also be on hand to discuss the filings and answer questions.
“A public hearing gives consumers who would be impacted by these rate increases a chance to speak directly with their companies about the impact of these requested rate increases,” said SCDOI Director, Ray Farmer. “I encourage all potentially impacted consumers to attend if possible.”
Neither hearing will be live-streamed, but a video recording of each separate meeting will be available the following week. Please contact Katie Geer at kgeer@doi.sc.gov if you would like to receive a link to the video. Please specify which meeting you would like to view.
Genworth Life Insurance Company Public Hearing
Wednesday, February 5, 2020 at 10:00 a.m.
11th floor conference room of 1201 Main Street, Columbia, SC 29201
The Prudential Insurance Company of America Public Hearing
Thursday, February 6, 2020 at 10 a.m.
11th floor conference room of 1201 Main Street, Columbia SC, 29201
Rate Increase Request Information
Genworth Life Insurance Company
Individual Market Filings
Product | Date Filed | Rate Increase Request (range of increases in parenthesis, if applicable) | Years Product Was Issued in SC | # of SC Policyholders |
PCS II | 09/28/2018 | 37.2% (29% to 48%) | 1998-2003 | 3,186 |
PCS I | 09/28/2018 | 43.9% (29% to 62%) | 1994-2003 | 1,358 |
Choice I | 09/28/2018 | 35.9% (29% to 43%) | 2001-2004 | 3,779 |
Pre-PCS | 09/28/2018 | 53.2% (7% to 80%) | 1989-1998 | 1,041 |
Choice 2, Choice 2.1, Classic Select, and Privileged Choice | 10/02/2018 | 21.4% | 2003-2011 | 6,168 |
Group Market Filing
Product | Date Filed | Rate Increase Request (range of increases in parenthesis, if applicable) | Years Product Was Issued in SC | # of SC Policyholders |
7040 et al | 11/01/2019 | 70% | 1992-2012 | 796 |
The Prudential Insurance Company of America
Individual Market Filings
Product | Date Filed | Rate Increase Request (range of increases in parenthesis, if applicable) | Years Product Was Issued in SC | # of SC Policyholders |
ILTC-1 | 07/24/2019 | 91.4% (20% to 139.9%) | 2000-2003 | 220 |
ILTC-2 | 07/24/2019 | 101.1% (20.1% to 140%) | 2003-2005 | 124 |
ILTC-3 ('05-'12) | 07/24/2019 | 74.3% (15% to 118.6%) | 2005-2012 | 399 |
ILTC-3 (2012) | 09/23/2019 | 52.1% (0% to 55%) | 2012 | 18 |
Group Market Filings
Product | Date Filed | Rate Increase Request (range of increases in parenthesis, if applicable) | Years Product Was Issued in SC | # of SC Policyholders |
GLTC-2 | 12/14/2018 | 106% | 1998-2013 | 14 |
GLTC-3 | 12/18/2018 | 19% | 2002-2013 | 7,602 |
GLTC-4 | 12/19/2018 | 10% | 2009-2013 | 542 |