RICHMOND, Va., June 4 /PRNewswire-FirstCall/ -- In a hearing yesterday
before the U.S. Senate Special Committee on Aging, Buck Stinson, president,
insurance products at Genworth Financial, Inc. (NYSE: GNW), expressed support
for the proposed Confidence in Long Term Care Insurance Act of 2009 and
applauded efforts at both the federal and state level to encourage consumers
to take responsibility for future long term care costs.
As the only representative of a long term care insurance carrier asked to
testify at the hearing, Stinson addressed Chairman Herb Kohl (D-WI) and
members of the committee about the Confidence in Long Term Care Insurance Act,
which aims to improve consumer protections for purchasers of long term care
insurance. Stinson noted that Genworth Financial "wholeheartedly appreciates
the intent of this legislation, which suggests to us a profound recognition by
the federal government of the important role of private long term care
He added: "We support the Chairman's efforts to ensure adequate oversight
and monitoring of the private market and its state regulators to continue to
promote consumer confidence as the market fulfills its obligation to protect
consumers when they purchase a policy and at the moment of truth, when they
need to access their policy benefits."
Stinson also highlighted the effectiveness of the State Partnerships for
Long Term Care Program, which allows individuals to purchase a long term care
insurance policy and qualify for Medicaid benefits without depleting all of
their assets. "This program is a true win-win," Stinson said, "as consumers
are afforded a first layer of protection through a private insurance policy
with the flexibility and choice it offers, backed by the state Medicaid
program should they exhaust the benefits of their private policy and otherwise
qualify for Medicaid benefits.
"Monitoring the continued success of the State Partnerships Program,
expanding the National Clearinghouse for Long Term Care's Own Your Future
program, and working closely with the NAIC are all activities that Genworth
supports," Stinson said.
Buck Stinson's testimony is available at genworth.com/answers.
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 global financial
security company. Genworth has more than $100 billion in assets and employs
approximately 6,000 people with a presence in more than 25 countries. Its
products and services help meet the investment, protection, retirement and
lifestyle needs of more than 15 million customers. Genworth operates through
three segments: Retirement and Protection, U.S. Mortgage Insurance and
International. Its products and services are offered through financial
intermediaries, advisors, independent distributors and sales specialists.
Genworth Financial, which traces its roots back to 1871, became a public
company in 2004 and is headquartered in Richmond, Virginia. For more
information, visit genworth.com. From time to time Genworth releases
important information via postings on its corporate website. Accordingly,
investors and other interested parties are encouraged to enroll to receive
automatic email alerts and Really Simple Syndication (RSS) feeds regarding new
postings. Enrollment information is found under the "Investors" section of
Long term care insurance is underwritten by Genworth Life Insurance
Company, and in New York, Genworth Life Insurance Company of New York,
Administrative Offices: Richmond, Virginia. Not all policies are available in
SOURCE Genworth Financial, Inc.
CONTACT: Media: Yokima Cureton of Genworth Financial, Inc.
Web Site: http://www.genworth.com