Filed Under:Health Insurance, Ltci

Carrier updates LTCI commission structure

(USDA photo)
(USDA photo)

An insurer says it will return to an older, higher sales commission structure for some long-term care insurance (LTCI) products sold in some states.

Genworth Financial Inc. (NYSE:GNW) says the commission structure update will apply to sales of one type of LTCI policy in 11 states -- California, Connecticut, Florida, Hawaii, Indiana, Massachusetts, Maryland, Missouri, New York, Oregon and Virginia.

Genworth began using the same commission structure for the same product in other states where the product was being launched in April.

Genworth announced a cut in first-year gross commissions on sales of all individual LTCI products in 2012.

The new commission rate change involves a return to commission rates in effect when the cut was announced in 2012, Genworth says.

Genworth announced the change in a bulletin sent to agents. 

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