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ISSUED: 4/16/2002 FOR IMMEDIATE RELEASE

DEPARTMENT APPROVES CONVERSION PLAN

Superintendent of Insurance Gregory V. Serio today announced that the Department has approved the Manhattan Life Insurance Company’s 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 Department’s Opinion and Decision will be available on the Department’s Web site at www.ins.state.ny.us.

Department of Financial Services

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