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ISSUED: 3/12/2001 FOR IMMEDIATE RELEASE

HEARING SET FOR PHOENIX HOME LIFE PROPOSED DEMUTUALIZATION

Superintendent of Insurance Neil D. Levin today announced that a hearing will be held March 19, 2001 regarding Phoenix Home Life Mutual Insurance Company’s plan to convert from a mutual life insurer to a stock life insurer.

In order for Phoenix to demutualize, Superintendent Levin must determine that Phoenix’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 will be held at the following locations at 10 AM:

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

University at Albany
School of Public Health
East Campus Communications Center
One University Place
Rensselaer, NY 12144

Those wishing to testify at the hearing should call the Ms. Ellen Wenz at the Department’s Public Affairs & Research Bureau by March 15, 2001 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 April 2, 2001.

Copies of the reorganization plan are available on Phoenix’s web site, www.phoenixwm.com.

 

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