Genworth Financial would like to remind agents about securing their usernames and passwords through these rules. Reminders on Genworth’s Data Security and Cybersecurity Program have also been announced. These notices are effective immediately.
ELCO Mutual Announces MCA Changes
Effective Jan. 1, 2023, ELCO Mutual Life & Annuity will be implementing adjustments to the Medicaid Compliant Annuity (MCA) product line. Payout rates will be changing, certain commissions will receive an increase, and the Cash Refund option will no longer be available. The last day to submit new business in 2022 will be Dec. 23.
Genworth Announces In-Force Rate Increases in Georgia
Genworth Financial has announced in-force rate increases in Georgia for its Privileged Choice® Flex long-term care insurance products, effective Nov. 21, 2022. Policyholders will begin being notified of these changes starting Nov. 29, 2022.
Genworth Announces In-Force Rate Increases in Washington, D.C.
Genworth Financial has announced in-force rate increases in Washington, D.C., for its AARP Group long-term care insurance product series, effective Nov. 21, 2022. This premium rate increase also impacts certificates in 29 states. Policyholders will begin being notified of these changes starting Nov. 29, 2022.
LTCI In-Force Rate Adjustments Announced for Several States
Mutual of Omaha has announced in-force rate adjustments for certain LTCI policies in Alabama, Alaska, Delaware, Hawaii, Maine, Massachusetts, Nebraska, Nevada, New Jersey, New Mexico, Pennsylvania, Puerto Rico, South Carolina, and Virginia. The changes will go into effect on Feb. 1, 2023, with the exception of Maine, which will go into effect on Mar. 1, 2023.
Form 1099-NEC 2022 Tax Information
Genworth Financial is reminding agents that anyone who has been paid at least $600 in commissions in 2022 will receive Form 1099-NEC (Non-Employee Compensation). This includes all product lines.
Genworth Announces In-Force Rate Increases in Oklahoma
Genworth Financial has announced in-force rate increases in Oklahoma for its Privileged Choice® Flex long-term care insurance products, effective Nov. 14, 2022. Policyholders will begin being notified of these changes starting Nov. 22, 2022.
Genworth Announces In-Force Rate Increases in North Dakota
Genworth Financial has announced in-force rate increases in North Dakota for its Privileged Choice® and Classic Select® long-term care insurance products, effective Nov. 14, 2022. Policyholders will begin being notified of these changes starting Nov. 22, 2022.
Genworth Announces In-Force Rate Increases in Delaware
Genworth Financial has announced in-force rate increases in Delaware for its My Future, My Plan 1.0; My Future, My Plan, 2.0; and AARP Association Group long-term care insurance products, effective Nov. 14, 2022. Certificate holders will begin being notified of these changes starting Nov. 22, 2022.
New York’s Suitability and Best Interests Regulation
The New York Department of Financial Services (DFS) has adopted a best interests standard for those licensed to sell life insurance and annuity products in New York. Amendments were implemented to ensure all recommendations related to the sale of these products are in the consumer’s best interests.
