Genworth Life Insurance Company Long Term Care Policy Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Genworth Life Insurance Company (GLIC) is settling a class action filed by three plaintiffs who own GLIC Choice 1 long term care insurance policies. The complaint alleged that GLIC intentionally withheld material information about the company’s rate increase plans and its need to rely on increased rates to pay future claims. Among the counts were fraudulent inducement by omission and violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law.

Docket Number:

3:19-cv-00049-REP

Company: Genworth Life Insurance Company

Filing Deadline: January 1, 2100

Objection Deadline: June 13, 2020

Exclusion Deadline: June 13, 2020

Final Approval Hearing: September 11, 2020

Proof of Purchase:

No claim form or proof is necessary.

Eligibility:

You may be eligible if you were a hold of a Class Policy. See the List of Class Policies at http://www.longtermcareinsurancesettlement.com/Content/Documents/Class%20Policies.pdf.

You are not eligible if
- Your policy went into Non-Forfeiture Status before January 1, 2014.
- Your policy entered Fully Paid Up Status at any time up to the date the class notice was mailed.
- Your policy is lapsed and outside the period allowed for automatic reinstatement with payment of past-due premium, or your policy has otherwise been terminated as of the date the class notice was mailed.

Typical Settlement Amount:

Special Election Letter with (1) disclosures of certain information about future rate increase plans and the need for rate increases, and (2) the right to elect either to maintain current benefits at existing filed rates with the future approved rate increases or to choose from a selection of paid-up benefit options or reduced benefit options, subject to availability. The options will depend on a number of factors, including your current policy status and benefits, final court approval, and state regulatory review and comment.

Total Settlement Amount: No less than $12,000,000.00 and no greater than $26,500,000

Class Representative Proposed Incentive Fee:

$25,000

Law Firms:
Berger & Montague
Goldman Scarlato & Penny
Phelan Petty PLC
Robbins Geller Rudman & Dowd

Case Name:

Settlement Website: Genworth Life Insurance Company Long Term Care Policy Settlement Website

Claims Administrator:
Epiq Class Action & Claims Solutions, Inc.

Claims Administrator Contact Information:

Skochin v. Genworth Settlement Administrator
c/o Epiq Global
P.O. Box 4230
Portland, OR 97208-4230
admin@LongTermCareInsuranceSettlement.com
1 (833) 991-1532

Tags: Insurance, Long Term Care Insurance, Omitting or Withholding Information