Carrier status
Genworth Financial discontinued new individual long-term care insurance sales in 2019 and now operates the in-force LTC book as a closed system. The company has been the most active rate-filer in the LTC industry by total premium-dollar volume, and its rate-increase trajectory is a leading indicator for the broader closed-block LTC market.
In-force policy series tracked here: Privileged Choice (2003-2012), Classic Select (2003-2012), Cornerstone (1996-2002), and Choice II (2010-2019). Each series has its own rate-action history; the rate increases on a given Genworth policy depend on the series, the original issue age, the inflation rider configuration, and the state of issue.
National rate-action rollup
Sources: CT Mirror (January 2025); InsuranceNewsNet (Genworth Q3 2025 reporting). National rollup figures are Genworth-disclosed totals; per-state and per-policyholder impact varies materially.
Verified state-level events
Material rate-action events documented from primary regulatory filings, state insurance department records, and named press coverage. This list is not exhaustive — Genworth has filed in essentially every state with active in-force policies — but represents the best-documented and most consequential events surfaced through public reporting and regulatory action.
~2,000 policyholders, 97% average increase (range 79-173%)
Genworth raised premium rates for over two thousand Connecticut policyholders by an average of 97% in a single 2022 action, with individual increases ranging from 79% to 173% depending on the policy form and inflation rider design. The approved amounts were a slight reduction from Genworth's original requested percentages. This event is among the most-cited single-state Genworth rate actions in the post-2020 period.
Source: CT Mirror reporting; Connecticut Insurance Department public records.
161% rate-increase request denied as "unjust, unfair and inequitable"
The Massachusetts Division of Insurance denied a 161% Genworth rate-increase request, characterizing the proposed increase as "unjust, unfair and inequitable." Genworth subsequently filed suit against the Massachusetts insurance department challenging the denial. As of early 2024, Genworth was litigating against two state insurance departments for dismissed rate-increase requests.
Source: CT Mirror reporting; Massachusetts Division of Insurance hearing records.
Privileged Choice + Classic Select — 98.1% phased increase (~25.6% × 3 phases)
Florida OIR approved a phased ~98.1% cumulative increase on Privileged Choice and Classic Select individual policies for issue ages 18-70 — three approximately-equal-magnitude phases (~25.6% each) compounded across roughly two-to-three years. Issue ages 71-79 received approval with deferred implementation; issue ages 80+ received no increase. Genworth committed to no additional rate increase for 8 years from the first phase's effective date, a commitment that places the next eligible Florida filing window on this series in approximately 2026-2027 depending on the original effective date.
Source: GoldenCare Agent in-force rate action announcement, citing Florida OIR approval.
40% cap on Partnership policies (Code of Regulations)
The California Department of Insurance (CDI) approves all premium increases on long-term care insurance policies in California. By California Code of Regulations, CDI shall not approve a premium increase of over 40% on California Partnership for Long-Term Care policies or certificates. This regulatory cap applies specifically to Partnership-qualified policies; non-Partnership Genworth policies in California are subject to the standard CDI rate-review process without this percentage ceiling.
Source: California Department of Insurance regulations; California Code of Regulations.
DFS market review and rate-approval methodology reform
The New York Department of Financial Services issued a 2023 report on the long-term care insurance market and committed to reform premium rate approval methodologies, establish affordability measures to help consumers manage rate increases, and promote LTC offerings in New York State. This is a state-level regulatory posture rather than a single Genworth-specific action, but it shapes the framework under which Genworth and other carriers' New York filings are reviewed.
Source: New York Department of Financial Services, June 2023 press release.
Executive compensation context
Genworth's executive compensation structure ties incentive pay to long-term care in-force rate actions. CEO Thomas McInerney received $9.8 million in total compensation in 2023, including $3.2 million in incentive pay, with approved LTC rate increases identified as a key metric in the bonus structure. This is a material context point for in-force policyholders evaluating Genworth's rate-filing trajectory: the company's senior leadership has direct financial exposure to maximizing approved rate-increase volume.
Source: CT Mirror, January 2025; Genworth proxy disclosures.
Coverage scope
This page focuses on Genworth-specific events from primary and named-secondary sources. State-level coverage will deepen on a quarterly cadence:
- Q2 2026 (this release): Genworth carrier overview, national rollup, five verified state-level events (CT, MA, FL, CA, NY).
- Q3 2026: Per-state SERFF filing detail for the eight target states (CA, FL, NY, TX, PA, IL, OH, NC). Other carriers (Mutual of Omaha, Northwestern Mutual, New York Life, Brighthouse) coverage begins.
- Q4 2026 onward: Quarterly refresh of all carriers across all eight target states, plus historical depth back to ~2018.
For a specific Genworth policy, the rate-increase notice itself is the authoritative source for the cumulative percentage increase that has been approved on that policy series in that state. Our editorial coverage is grounded in public reporting and primary-source filings; it is not a substitute for the carrier's own communication with the policyholder.
Adjacent reading
- The LTC Rate-Hike Letter: Five Options Inside the Decision Window — what to do when a Genworth rate-increase notice arrives.
- Contingent Nonforfeiture, Explained — the NAIC §28 paid-up benefit triggered by qualifying Genworth rate increases on post-2000 policies.
- Should You Drop Your LTC Policy? — six triggers, six decision frameworks.
- Self-Insure vs LTC Insurance: Real Math at $1M, $2M, $5M Net Worth — the math when dropping is on the table.
Primary sources
- CT Mirror. "Genworth ties executive pay to long-term care insurance rate hikes." January 27, 2025. ctmirror.org
- InsuranceNewsNet. "Genworth Financial boosting LTCi prospects via CareScout, rate hikes." Genworth CFO Jerome Upton statements on Q3 2025 results. insurancenewsnet.com
- Massachusetts Division of Insurance. Hearing records on Genworth rate-increase request denial. 2023.
- California Department of Insurance. California Code of Regulations — Long-Term Care Insurance Partnership policies, premium-increase cap.
- New York Department of Financial Services. "DFS Releases Report on Long Term Care Insurance Market." June 2023. dfs.ny.gov
- GoldenCare Agent. In-force rate action announcement: Florida Privileged Choice and Classic Select. Citing Florida OIR approval. goldencareagent.com
- Genworth Financial, Inc. 2024 Annual Report (10-K). SEC filing. investor.genworth.com
- Genworth Financial. "About Long Term Care Insurance Premium Increases." Carrier disclosure on rate-increase practices. genworth.com