Genworth

Genworth Financial, Inc. is one of the largest providers of long-term care insurance in the United States. Based in Richmond, Virginia, Genworth is the "offspring" of the giant General Electric Co., from which it split in 2004. On Nov. 10, 2008, Genworth filed its acknowledgment of an investigative demand from the Texas Attorney General's Office with the U.S. Securities and Exchange Commission, and a company spokesman said that Genworth is ready to fully cooperate with the investigation.

Questions about Genworth's Long-Term Care Insurance Business

Texas' Attorney General Greg Abbott is seeking documents related to Genworth's long-term care insurance business in Texas. Long-term care insurance (LCTI) is an insurance product that individuals can buy to help pay for medical and nursing care required over a long period, such as the care often needed for people with:

  • Severe disabilities
  • Prolonged illnesses
  • Cognitive impairments such as Alzheimer's or other forms of dementia

Genworth's several LTCI plans can provide care that meets different demands, such as round-the-clock care for months in a nursing home, or simply a few hours a week to help a patient in his or her home. With increasing numbers of Americans living longer � but with long-term illnesses � the utility of LCTI is clear.

Insurance Bad Faith Investigation

The Texas Attorney General � like the other 49 states' attorneys general � investigates and prosecutes instances of insurance "bad faith," which is when an insurance company violates the rights of insurance consumers. Insurance bad faith takes many forms, and the Texas AG has not yet given details about its investigation into Genworth's LTCI business.

More Problems for Genworth

Genworth's holding company was also recently downgraded by Moody's Investors Service, and on Nov. 11, Genworth lost its eligibility to participate in the Commercial Paper Funding Facility of the U.S. Federal Reserve. The CPFF program buys short-term debt from financial firms.

If You've Been Harmed by Insurance Bad Faith

If you feel that you have been harmed by an act of bad faith by an insurance company—Genworth Financial or another provider—contact us to schedule a private consultation with an experienced insurance bad faith attorney. Your legal rights and options will be explained to you, and the possibility of a legal remedy will be explored.

Be assured your matters will      be in experienced & caring      hands.