“Genworth and China Oceanwide Push Back Deal Completion Deadline”

“Genworth and China Oceanwide Push Back Deal Completion Deadline,” by Allison Bell,ThinkAdvisor Quote: “Genworth Financial and China Oceanwide Holdings Group Co. Ltd. said Thursday that they have postponed the consummation of their deal a 16th time, to Nov. 30. But the companies said China Oceanwide ‘has reached a general agreement with Hony Capital on the key commercial terms and conditions of its $1.8 billion offshore financing plan to complete the acquisition of Genworth.’” LTC Comment:   One more time!    
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Categories: Clippings, Genworth, and Industry News.

“Approximately 95% of Green House homes have reported zero cases COVID-19 among residents or staff: study”

“Approximately 95% of Green House homes have reported zero cases COVID-19 among residents or staff: study,” by Amy Novotney, McKnight’s Senior Living Quote: “Much attention has been given of late to the properties or characteristics that have helped long-term care facilities stave off outbreaks of COVID-19. A new study led by University of North Carolina researcher Sheryl Zimmerman, Ph.D., reveals that 95% of nursing homes following the Green House model of care — which are designed for single-occupancy rooms — reported zero cases COVID-19 among residents or staff. … ‘In fact, the original Green House home in Tupelo, MS, sponsored by Methodist
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Categories: Clippings, COVID-19, Genworth, and Industry News.

“Genworth Paid $10 Million in Q2 COVID-19 Life Insurance Claims”

“Genworth Paid $10 Million in Q2 COVID-19 Life Insurance Claims,” by Allison Bell, ThinkAdvisor     Quote: “Genworth Financial paid $10 million in COVID-19-related life insurance claims in the second quarter. … Genworth is not giving details about the effects of COVID-19 on the performance of the LTCI unit, but it did say an increase in deaths improved the unit’s performance. … China Oceanwide Holdings Group Co. Ltd. of Beijing has been trying to acquire Genworth for years. The companies now have all needed U.S. approvals and reapprovals. Tom McInerney, Genworth’s chief executive officer, said that the new hurdle is that, because completing
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Categories: Clippings, Genworth, Industry News, and Long-Term Care.

Genworth to distribute newsletter to LTC Policyholders

Mailings to begin in July 2020 Genworth will begin mailing a newsletter to LTC policyholders in July 2020 with information and updates including: A message from our CEO New solutions for common caregiver problems Update on global expansion Premium rate increase explained Policy and service questions To view a copy of the newsletter, click here.   Genworth to distribute newsletter to LTC Policyholders   #goldencareagent #genworth
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Categories: Genworth, Industry News, and Long-Term Care.

“Genworth Aims to Line Up Backup Financing Options”

“Genworth Aims to Line Up Backup Financing Options,” by Allison Bell, ThinkAdvisor     Quote: “Genworth Financial Inc. hopes to be part of China Oceanwide Holdings Group Co. Ltd. of Beijing by June 30, but it intends to shop for other sources of financing, just in case. … Genworth also has $1.1 billion in debt coming due in 2021. China Oceanwide has been trying to acquire Genworth for about four years. … China Oceanwide and Genworth’s latest deal deadline extension gives Genworth the flexibility to seek other strategic options, McInerney said. … McInerney reported that, since 2012, Genworth has requested,
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Categories: Clippings, Genworth, Industry News, and Long-Term Care.

Genworth: Coronavirus (COVID-19) Preparedness

We are committed to protecting our associates and their families, as well as being there when our policyholders and customers need us the most. In response to the coronavirus (COVID-19) outbreak, we have implemented a plan to help reduce the risk of exposure and transmission among our employees and allow us to continue to provide service to our policyholders and customers. This includes several changes to our corporate policies. Work. All employees strongly encouraged to work from home Travel Guidelines. Restricted employee travel and company visitors Technology. Equipped employees with tools and technology to work remotely from home. Business Continuity.
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Categories: COVID-19, Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Washington DC (PCS II)

> PCS II with Stable Premium Option As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Washington DC has now allowed the following increases: Washington DC Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods PCS II 10% 10%   Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin
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Categories: Genworth, Industry News, and Long-Term Care.

Penn Treaty Surcharge

Penn Treaty Surcharge for Active Long Term Care Policyholders Resident in California Genworth Life Insurance Company (GLIC)and Genworth Life and Annuity Insurance Company (GLAIC) (GLIC and GLAIC, collectively Genworth) recently started mailing California Resident LTC policyholders seeking recoupment for assessments made against Genworth by the California Life and Health Insurance Guarantee Association (CLHIGA) for the 2017 Penn Treaty insolvency. CLHIGA assessed all companies writing health insurance in California to make up the shortfall needed to pay Penn Treaty claims caused by that insolvency. This assessment is not unique to Genworth, and Genworth has no affiliation with Penn Treaty. California law
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Categories: Genworth, Industry News, and Long-Term Care.

Arkansas Online Payment of Licensing Fees, Effective January 1, 2020

As a reminder, effective January 1, 2020, the Arkansas Insurance Department will no longer accept paper checks for licensing fees and will no longer send paper renewal forms through the mail. All renewal fees and application fees will be processed electronically through www.nipr.com. Attached is Arkansas Bulletin No. 12-2019 for your reference. If you have any questions about the bulletin, please contact the AR Insurance Department’s licensing division at (501) 371-2750 or by email to insurance.license@arkansas.gov.   Arkansas Online Payment of Licensing Fees, Effective January 1, 2020   #goldencareagent #genworth
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Vermont (Pre-PCS, PCS I, PCS II, Choice 1)

> PCS II with Stable Premium Option > Choice 1 with Stable Premium Option As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Vermont has now allowed the following increases: Vermont Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 69.78% phased 30.3%, 30.3% cumulative 69.78% phased 30.3%, 30.3% cumulative PCS I 125.5% phased 31.2%, 31.2%, 31% cumulative 125.5% phased 31.2%, 31.2%, 31% cumulative PCS II 136.68%
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Categories: Genworth, Industry News, and Long-Term Care.