New York State
Insurance Department


ISSUED: 2/05/2002

FOR IMMEDIATE RELEASE

HEARING SET FOR MANHATTAN LIFE INSURANCE COMPANY PROPOSED CONVERSION

          Superintendent of Insurance Gregory V. Serio today announced that a hearing will be held Friday February 22, 2002 regarding Manhattan Life Insurance Company’s plan to convert from a guarantee capital life insurer to a stock life insurer. Manhattan Life Insurance Company currently has just over 35,000 policyholders.

          In order for Manhattan Life to convert, Superintendent Serio must determine that Manhattan Life’s conversion plan does not violate the Insurance law, is fair and equitable to policyholders, shareholders and the public, and that the reorganized company will have the amount of capital and surplus necessary for future solvency.

          The hearing will be held at the following location at 10 AM:

Sheraton New York & Towers
811 Seventh Avenue at 52nd Street
New York, NY 10019

          Those wishing to testify at the hearing should call the Ms. Ellen Wenz at the Department’s Public Affairs & Research Bureau by February 18, 2002 at 212-480-5262. Written statements should be addressed to Ms. Ellen Wenz, New York State Insurance Department, Office of Public Affairs, 25 Beaver Street, 3rd Floor, New York, NY 10004-2319. The public record will remain open until March 8, 2002.


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