Insurer Genworth Financial Inc. said it didn’t have adequate controls in place and failed to identify a $44 million calculation error as it implemented changes to its methodologies as part of a review of its long-term-care claim reserves.

via Genworth Finds Material Weakness – WSJ.

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Update 03.04.15

Miscalculated Risk: The Old-Age Bill That s Crushing Genworth – Insurance Networking News.

This link provides more in depth analysis.