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In a form 10-Q filed Nov. 10 with the U.S. Securities and Exchange Commission, Genworth said that in August, a subsidiary, Genworth Life Insurance Co., "received an industrywide civil investigative demand from the Texas Attorney General?s Office seeking documents relating to our long-term-care insurance business in Texas."
The Richmond, Va.-based Genworth Financial (NYSE: GNW | Quote | Chart | News | PowerRating) said it is cooperating with the attorney general's office.
Attempts to reach Attorney General Greg Abbott's press office were not immediately successful.
In May, Conseco Inc., another top writer of long-term-care insurance in the United States, agreed to pay up to $6.3 million in fines and restitution to end a multistate investigation by insurance regulators into its long-term-care insurance business. The probe concerned how Banker's Life and Casualty Co. and Conseco Senior Health Insurance Co., two subsidiaries, processed claims, handled complaints and marketed and sold policies (BestWire, May 8, 2008).
Under the settlement with state insurance regulators in 40 jurisdictions, Conseco (NYSE: CNO) was to pay a $2.3 million penalty to participating states and pay at least $4 million in restitution to policyholders, the National Association of Insurance Commissioners said.
Earlier this month, A.M. Best Co. placed the financial strength rating of A+ (Superior) and issuer credit ratings of aa- of the key life/health insurance subsidiaries of Genworth Financial under review with negative implications. Concurrently, it placed the ICR of a- and existing debt ratings of Genworth under review with negative implications.
The rating actions reflected the deterioration in the statutory capital of Genworth?s life/health entities as of mid-year 2008, which A.M. Best expected to be further pressured by material investment impairments during the second half of the year (BestWire, Nov. 6, 2008).
On Nov. 11, Genworth Financial Inc. became ineligible to participate in the Federal Reserve's Commercial Paper Funding Facility, the life and mortgage insurer disclosed in a regulatory filing, taking off the table one potential liquidity option for a firm that has experienced trouble obtaining short-term financing. In its 10-Q filing, Genworth said it would be excluded from participating in the Fed facility, due to a recent downgrade by Moody's Investors Service of its holding company (BestWire, Nov. 11, 2008).
(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)
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