New York State
Insurance Department


MONY DEMUTUALIZATION HEARING SCHEDULED

New York, September 28, 1998

Superintendent of Insurance Neil D. Levin today announced that a hearing will be held October 19, 1998 regarding The Mutual Life Insurance Company of New York’s (MONY) plan to convert from a domestic mutual life insurer to a domestic stock life insurer. The company’s demutualization plan must be approved by the Superintendent and 2/3 of all MONY’s voting policyholders.

In order for MONY to demutualize, Superintendent Levin must determine that MONY’s demutualization plan does not violate the Insurance law, is fair and equitable to policyholders, not detrimental to the public, and that the reorganized company will have the amount of capital and surplus necessary for future solvency.

The hearing is scheduled to begin October 19 at 10 a.m. at the New York Hilton Hotel and Towers located at 1335 Avenue of the Americas (between 53rd and 54th Streets) in Manhattan. The hearing will be held in the Sutton Complex on the 2nd floor. Those wishing to testify at the hearing should call the Insurance Department’s Public Affairs & Research Bureau at 212-480-5262.

In accordance with the Americans with Disabilities Act, the Insurance Department will provide a reasonable accommodation at no charge to any covered individual wishing to attend or testify at the hearing when such a request is made at least seven days before the hearing.

Those unable to attend the hearing may submit written statements for inclusion in the official record within ten days following the hearing date. Written statements should be sent to Public Affairs and Research Bureau, New York State Insurance Department, 25 Beaver Street, New York, NY 10004.

The company recently mailed out voting materials to its approximately 800,000 eligible policyholders. Policyholders will be able to vote by mail, by proxy, or in person at the company’s home office on November 2.

 


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