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Genworth returns to California LTCI market

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Genworth Financial Inc. has returned to the California long-term care insurance (LTCI) market.

Genworth has told LTCI agents and brokers in a memo that it is offering Golden State residents the new Priviledged Choice Flex product.

The product has a modular design and should be easy for producers to customize, Genworth said.

Producers can tailor the coverage to fit clients’ needs and budgets, the company said.

Genworth has announced LTCI rate increases and LTCI product line changes in recent years in response to concerns about product performance and the effects of low interest rates on investment returns on the assets supporting the policies.

The company announced in early March that it would temporarily suspend sales of individual LTCI in California while working with regulators to get regulatory approval for revamped products.

The temporary sales suspension had no effect on holders of policies already in force.

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