We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Genworth Hit With Class Action Over $226M In Funds

Law360 (May 26, 2009, 12:00 AM EDT) -- Genworth Life Insurance Co. has been hit with a proposed class action accusing the company of removing $226.2 million from the reserves for its long-term care insurance policies as part of a scheme to hike up premiums.

In a suit filed Friday, policyholder Robert A. Peisner claims the company blamed the lack of funds in the reserve on a higher-than-expected persistency, which refers to the percentage of policies that stay in force to the end of the period coverage, according to documents in the U.S. District...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.