“Genworth to Suspend LTCI and Annuity Sales Through BGAs,” by Allison Bell, ThinkAdvisor

“Genworth Financial Inc. says it will temporarily suspend sales of long-term care insurance (LTCI) and immediate annuities through the brokerage general agency (BGA) channel, in all states, starting Monday. Genworth announced the sales suspension Thursday, in a bulletin. The Richmond, Virginia-based company is making the move because sales through BGAs, or independent distributors, have already fallen sharply, in part because of the company’s low credit ratings, the company said in a statement.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

What’s next? “China Oceanwide Holdings Group Company Ltd. of Beijing has been trying to acquire Genworth since October 2017. The current deal completion deadline is March 15.” That’s one week from today.