Transfers challenged as fraudulent for life insurer

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted June 7, 2022 1:04 PM

The second in a series of allegedly fraudulent transfers of hundreds of millions of dollars of Genworth Life Insurance Co.’s assets — involving disbursals from the initial transferee, Genworth Financial International Holdings, to related companies — posed a novel question under Delaware’s Uniform Fraudulent Transfer Act. Looking for answers, Vice Chancellor Joseph R. Slights III found what he called a “nice gumbo” of “competing authorities.” GLIC sold lots of long-term care policies that are generating gigantic losses.The …

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