May 20, 2020
OLYMPIA, Wash. – Insurance Commissioner Mike Kreidler said the 1,400 residents who have long-term care policies through Time Insurance Co. of Wisconsin will maintain their benefits while the state of Wisconsin orders the company into rehabilitation and manages operations of the financially troubled firm.
Time Insurance is now being overseen by the Wisconsin Office of the Commissioner of Insurance. All policyholders in Washington and other states will be notified within 30 days of the rehabilitation ordered by Wisconsin.
All claims will continue to be paid while the company is in rehabilitation.
In late 2014, Time Insurance decided to enter a run-off, a process that meant the company was no longer writing new long-term care policies, and was preparing to discontinue operations. As of June 30, 2019, the company had 199,268 policyholders nationwide, of which 176,552 were still paying their premium.
Kreidler is advising current policyholders in Washington to continue paying their premium if they want to keep their coverage.
“Your coverage will not be compromised by Wisconsin’s rehabilitation order,” Kreidler said. “My office will work closely with the Wisconsin insurance commissioner to make sure policyholders get the benefits they pay for.”