FOR IMMEDIATE RELEASE
DEPARTMENT APPROVES CONVERSION PLAN
Superintendent of Insurance Gregory V. Serio today announced that the Department has approved the Manhattan Life Insurance Companys plan to convert from a guarantee capital life insurer to a stock life insurer. The Department determined the plan did not violate the insurance law, was fair and equitable to policyholders, shareholders and the public, and that the reorganized company would have the amount of capital and surplus necessary for future solvency.
The Department held a public hearing on the conversion plan on February 22nd. The Departments Opinion and Decision will be available on the Departments Web site at www.ins.state.ny.us.