Genworth on Review

[Mr_Ed]

originally posted by Mr_Ed




The issue is not about insurance regulations. I (and every agent) are well aware how policyholders are protected in the event that something hapens to the carrier.

If Genworth (or any other company) leaves the market or files for bankruptcy, insurance rules & regulations offer protection for the policiyholders.

But again, this is about a public company: GNW

But I repeat what I've said a number of times: a public company answers to their shareholders first. (even you stated that: "I agree that a public company answers to their shareholders first"). And, if in the case of Genworth, they are forced to dump additional hundreds of millions of dollars into their LTCi reserves and their credit ratings continue to dive, the shareholders will not be happy. Upset shareholders have in the past ousted CEOs and forced companies to divest themselves of unprofitable divisions.

Genworth Financial, Genworth Life Insurance...............
Doesn't matter, this entire conversation is about the future of Genworth's LTCi business.

OMG.
I can't believe what you just posted
.
Arthur, you obviously do NOT understand the regulations.


In fact, it saddens me that you think the policyholders are at risk because Genworth is a public company. The insurance regulations protect ALL policyholders, not just those from non-public companies.

Please call up your MGA/BGA/FMO or even call Genworth and ask them to explain this to you so that your fears can be assuaged.

I've tried to explain it in as simple language as possible.
I can't make it any simpler.

I can explain it to you but I can't make you understand it.

 

[Arthur Rudnick]

originally posted by Mr_Ed

OMG.
I can't believe what you just posted
Arthur, you obviously do NOT understand the regulations.
In fact, it saddens me that you think the policyholders are at risk because Genworth is a public company. The insurance regulations protect ALL policyholders, not just those from non-public companies.
Please call up your MGA/BGA/FMO or even call Genworth and ask them to explain this to you so that your fears can be assuaged.
I've tried to explain it in as simple language as possible.
I can't make it any simpler.
I can explain it to you but I can't make you understand it.

Boy, do you have a one-way mind...........
Please read what I originally posted, not what you think I posted.

Please point out to me where I said that policyholders are at risk.
I double dare you!

I never said that and you can't keep making things up just to fit your agenda.

I specifically told you that this was NOT an issue about protecting policyholders. I specifically told you that this was NOT an issue about insurance department's rules & regulations.

This issue has to do with a PUBLIC COMPANY! If Genworth decides to stop selling LTCi are the insurance commissioners of every state going to get together and stop them?

If McInerney steps down and his replacement feels that it's in the company's best interest to shut down their LTC division, how does that hurt existing policyholders?

What is it that you don't understand?

 

[Mr_Ed]

originally posted by Mr_Ed




Boy, do you have a one-way mind...........
Please read what I originally posted, not what you think I posted.

Please point out to me where I said that policyholders are at risk.
I double dare you!

I never said that and you can't keep making things up just to fit your agenda.

I specifically told you that this was NOT an issue about protecting policyholders. I specifically told you that this was NOT an issue about insurance department's rules & regulations.

This issue has to do with a PUBLIC COMPANY! If Genworth decides to stop selling LTCi are the insurance commissioners of every state going to get together and stop them?

If McInerney steps down and his replacement feels that it's in the company's best interest to shut down their LTC division, how does that hurt existing policyholders?

What is it that you don't understand?

What difference does it make if Genworth stops selling new policies?
Why would that hurt existing policyholders?

 

[Arthur Rudnick]

originally posted by Mr_Ed

What difference does it make if Genworth stops selling new policies?
Why would that hurt existing policyholders?

As a great American once said:

"You Can't Fix Stupid"

 

[Mr_Ed]

originally posted by Mr_Ed



As a great American once said:

"You Can't Fix Stupid"

Arthur,
Please explain how it would hurt current policyholders if Genworth stops selling new LTCi policies.
It's a simple question, why can't you just answer my question?

 

[Arthur Rudnick]

originally posted by Mr_Ed

Arthur,
Please explain how it would hurt current policyholders if Genworth stops selling new LTCi policies.
It's a simple question, why can't you just answer my question?

Scott,
What is wrong with you?

For the 10th and final time:
I NEVER SAID THAT CURRENT POLICYHOLDERS WOULD BE HURT IF GENWORTH STOPS SELLING LTCI.

Stop making stuff up............
You're embarrassing yourself.

 

[Mr_Ed]

originally posted by Mr_Ed



Scott,
What is wrong with you?

For the 10th and final time:
I NEVER SAID THAT CURRENT POLICYHOLDERS WOULD BE HURT IF GENWORTH STOPS SELLING LTCI.

Stop making stuff up............
You're embarrassing yourself.

What did you mean when you stated:


"If McInerney steps down and his replacement feels that it's in the company's best interest to shut down their LTC division, how does that hurt existing policyholders?"

 

[Arthur Rudnick]

originally posted by Mr_Ed

What did you mean when you stated:

"If McInerney steps down and his replacement feels that it's in the company's best interest to shut down their LTC division, how does that hurt existing policyholders?"

That was a rhetorical question.
You will not find any post from me stating that existing policyholders would in anyway suffer if Genworth closed their LTC division.

Apology accepted!

 

[Mr_Ed]

originally posted by Mr_Ed



That was a rhetorical question.
You will not find any post from me stating that existing policyholders would in anyway suffer if Genworth closed their LTC division.

Apology accepted!

forgive me.
I'm sorry.
Since the LTCi policyholders won't be hurt than can you explain to me what the significant is of this post you made:


How bout this:
1) (GNW) had its financial-strength ratings placed under review with negative implications after the insurer delayed the results of a review of long-term care reserves.
2) ''A.M. Best's expectations with regard to the timing of the completion of Genworth's review of its long-term care insurance active life margins have not been met," the ratings firm said today in a statement. "A.M. Best plans to meet with Genworth's management team in the near term to discuss the results of the active life margin review and the potential impact on Genworth's capital position."

Now, to the layman, (like me) that appears to indicate that the $541 million that Genworth transferred into their LTC Reserves a couple of months ago may not have been enough.

And, if it's not enough, and they have to add another few hundred million dollars to satisfy AMBest in order to maintain any kind of viable financial rating, what say the shareholders?

I already know what you say:
"Don't worry, everything is lovey, dovy at Genworth and this is all being made up"







What was your point of that post?

 

[Arthur Rudnick]

originally posted by Mr_Ed

forgive me.
I'm sorry.
Since the LTCi policyholders won't be hurt than can you explain to me what the significant is of this post you made:

The only significance was that it was a published article in Bloomberg News and it related to a major player in the LTCi market.

I thought that this Forum would be an appropriate place to post it.