Neishloss& Fleming Inc.

Aetna announced today that it has a deal in place to purchase Genworth’s Medicare Supplement division, which includes the American Continental and Continental Life products.  The purchase price for this acquisition has been announced as $290 million.  According to Genworth, this deal will provide Aetna with more than 145,000 members.

The deal is expected to close in the 4th quarter of 2011, and Aetna expects to maintain the business’ current management, staff and operations, which are primarily based in Brentwood, TN.  There has been no information available at this point as to if or how this may affect current contracts for agents.  Additionally, no information is currently available about if or how they will re-brand the acquired products.

You can read the full press release for more details.

New producer reports are now available on cont-life.com (agent side).  The new features can be found on the Producer Dashboard under Reports.  Information displayed represents business processed the previous business day.

• Producer Profile lists the active state appointments that you hold by underwriting company and license type.
  • As new products are launched, you can now verify that you hold the necessary state appointment to sell the product.
  • Important: To sell ACI Final Expense you must have a current life appointment with ACI and received approval by the Home Office.  ACI agents must submit a Final Expense Addendum (form #ACIFE0846) in order to receive home office approval.
  • Home office approvals to sell Final Expense and notice of new state appointments are emailed to the agent.  Make sure your current email address is on file.
• Email address confirmation and edit feature can be found on the Producer Profile. You can now view, confirm, and update your email address.  (Allow five business days for a change to take effect.)
  • Important announcements regarding product launches, sales incentives, and operational enhancements are distributed by email.
• ACI Commissions - has been moved to Producer Profile.
• Policy Status Summary report displays policy (or application) count by product type for your book of business.  This is a quick way to monitor the activity occurring on your book of business as it includes both active and terminated policies. For more details:
  • Each policy count is a hyperlink* to the appropriate report (Pending New Business or Activity Report) that provides a list of the applications/policies included in the summary count.
  • Drill down further as each policy number is a hyperlink to Policy Detail regarding that individual policy.
• Production Summary report allows you to track your current production totals by each product type (based on annual premium and by policy count) for your book of business.
  • Monitor your production for issued policies by quarter (Q), year to date (YTD), or display the information for a particular month and year.  (Compare your monthly sales progress to determine if you’re on track to meet your personal sales goals.)  Issued policies are policies that are issued but are not necessarily in force. Policies that have a future effective date are included.
  • Monitor your active premium (what you’ve sold YTD) for the current year and for your current book of business.  Active premium includes all active and inforce policies – does not include policies with future effective date.

American Continental Insurance Company (ACI) has received approval for a rate increase on a specific block of Medicare Supplement policies issued in Pennsylvania.

What You Need To Know  

• The rate adjustment applies to a closed block of policies and does not apply to the new 2010 MIPPA Plans currently available to new Pennsylvania applicants through ACI, or to policies that became effective on or after June 1, 2010.
• A rate adjustment has been approved on the ACI Medicare Supplement policies that became effective prior to June 1, 2010.
  • A rate increase of 9.9% is approved for all previously marketed ACI standardized plans except Plan D.
• The rate adjustment will become effective on the policyholder’s next Policy Anniversary Date that occurs on or after April 1, 2011.
  • ACI Medicare Supplement policies have a 12-month rate guarantee.
• Affected policyholders will be notified in writing no less than 31 days prior to the rate change.

Genworth has received approval for a rate increase on Medicare Supplement policies issued prior to June 1, 2010.  The rate change applies to closed blocks and does not apply to the new 2010 Modernized Plans currently available to new applicants or to policies that became effective on or after June 1, 2010.

You can view the entire announcement, along with the states affected, below. READ MORE »