Genworth Negotiating Over Subsidiary Capital With New York State

February 19, 2020 by Allison Bell

The New York State Department of Financial Services officials are trying to use their ability to block the sale of Genworth Financial Inc. to make Genworth increase capital levels at a life insurance subsidiary in New York.

The New York department wants Genworth to add the capital, to Genworth Life Insurance Company of New York (GLICNY), as a condition for the department reapproving Genworth’s efforts to be acquired by China Oceanwide Holdings Group Co. Ltd.

Genworth Chief Executive Officer Thomas McInerney said last week that Genworth executives hopes to get the required capital contribution down to a level that China Oceanwide, and insurance regulators in other states, can tolerate.

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Originally Posted at ThinkAdvisor on February 14, 2020 by Allison Bell.