Federal Judge OKs $25M Genworth Universal Life Settlement
October 24, 2022 by Allison Bell
A federal judge in Richmond, Virginia, approved a $25 million universal life insurance class action at a fairness hearing Monday.
Genworth Life and Annuity Company agreed to pay the settlement to about 13,400 policyholders affected by a Genworth move to increase the policyholders’ cost-of-insurance rate in 2019.
Genworth Life also agreed not to challenge claimants based on questions about whether a claimant has an insurable interest in the life of the insured, according to documents filed with the U.S. District Court for the Eastern District of Virginia.
Click HERE to read the full story via ThinkAdvisor
Wink’s Note: Genworth was sued in a class action, for COI increases on some old First Colony ULs. Thought you might want a heads-up.
If you are a subscriber to Wink, Inc.‘s LifeSpecs tool, I’ll share my research with you on COI increases. Inbox me on LinkedIn.
