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Genworth Life Long-Term Care Insurance Policies Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

Genworth Life Insurance Company (GLIC) and Genworth Life Insurance Company of New York (GLICNY) are settling a class action alleging it withheld material information from policyholders about the full scope and magnitude of its rate increase plans and its need for future policyholders to pay rate increases in order for it to pay future claims.

Docket Number:

3:21-cv-00019-REP

Company: Genworth Life Insurance Company

Filing Deadline: January 1, 2100

Class Period: January 1, 2012

Objection Deadline: December 28, 2021

Exclusion Deadline: December 28, 2021

Final Approval Hearing: February 9, 2022

Proof of Purchase:

No proof is needed.

Eligibility:

You may be eligible if you hold a GLIC or GLICNY PCS I or PCS II policy or state variations of those policies issued between January 1, 2012 and the date the Notice is mailed in any of the fifty states or the District of Columbia, on the policy forms listed in Appendix A at the settlement website, excluding (1) those whose policies went into non-forfeiture status or were in fully paid-up status before January 1, 2014; (2) those whose policies are lapsed and are outside any period Genworth allows for reinstatement upon the payment of past due premiums, or whose policies have otherwise been terminated as of the date of this notice or as of the date the Special Election Letter would otherwise be mailed to the policyholder; (3) those who are deceased at any time before their signed Special Election Option is postmarked for mailing or faxed or e-mailed to Genworth; or (4) Genworth’s current officers, directors, and employees, as of the date the Notice is mailed; or (5) Judge Robert E. Payne and his immediate family and staff. Other changes to your policy may also affect whether you are included.

Typical Settlement Amount:

Special Election Letter disclosing certain information about rate increases allowing class members to either (1) keep current benefits at existing rates (with possible rate increases later) or (2) choose from a selection of reduced paid-up benefit options or reduced benefit options. Special Election Options that may be available may increase the amount of your current, nonforfeiture paid-up benefit or entitle you to cash damage payouts. Options available will depend on a number of factors, including your current policy status and benefits.

Note that you must continue to pay any premiums necessary and meet other requirements. For further details, see the Settlement Agreement at http://www.pcslongtermcareinsurancesettlement.com/Content/Documents/Settlement%20Agreement.pdf or the Notice at http://www.pcslongtermcareinsurancesettlement.com/Content/Documents/Notice.pdf.

Total Settlement Amount: $1,000,000 plus contingency fees of no more than $18,500,000

Class Representative Proposed Incentive Fee:

$15,000

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

Case Name:

Settlement Website: Genworth Life Long-Term Care Insurance Policies Settlement Website

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

Claims Administrator Contact Information:

Halcom v. Genworth
Settlement Administrator
P.O. Box 5749
Portland, OR 97228-5749
800-664-4267

Tags: Did Not Make/Receive Proper Disclosures, Insurance, Long Term Care Insurance