Genworth announced the suspension of sales of individual long term care insurance products in Massachusetts and New Hampshire effective November 6, 2014, with a last home office receipt date of December 6, 2014. Click here for the full Genworth bulletin on this change.
As discussed during our second quarter 2014 Earnings Call, Genworth has been evaluating options in certain states where we have nearly exhausted all reasonable avenues that would allow us to effectively manage our business in those states. In September, we notified these states of our intent to suspend sales if we were unable to make meaningful progress on our pending requests for premium rate increases. To date, we have not reached agreement with Massachusetts or New Hampshire, and have therefore made the difficult decision to suspend sales in those states.We will continue to work with regulators in the affected states in an attempt to secure a regulatory environment that would allow us to resume sales as soon as possible.
Please refer to the following Questions and Answers for additional information. In order to effect a smooth transition, please note the detailed transition rules
below and remind producers that all licensing and continuing education requirements must be met prior to submitting business. It is critical to follow the transition rules, as we will not be able to make any exceptions.
Transition Rules:
Quote It!
System Availability:
Online – unavailable 12AM ET Sunday, 12/07, until 6AM ET Monday, 12/08 – IMPACTS all states
Offline – available, provided it was downloaded before 9AM ET Saturday, 12/06 Quote It! Changes Effective 12/08/14:
Offline Quote It! requires update – Connect to internet and open Quote It! Sales support will not be available on 12/6
Paper Applications:
12/06/14 – Last valid Home Office Receipt Date – applications must be received by 8:00PM ET
12/06/14 – Last valid Application Signed Date
Faxed applications must be sent to either: 434 948.5566 or 800 456.8329. Applications may be emailed to EMM-GNWLTCApps@genworth.com.
Note: Applications faxed or emailed to any fax number or email address other than those listed above may not make the 8:00 PM cutoff.
LTC Quick Request (QR):
12/06/14 – Last day to submit QR ticket, must be received by 11:59 PM ET
12/06/14 – Last day to quote QR applications
12/29/14 – QR application interviews must be complete
1/12/15 – Last valid Home Office Receipt Date for QR applications