China Oceanwide Holdings Group Co. Ltd.'s pending acquisition of Genworth Financial Inc. has received all required U.S. insurance regulatory approvals.
The development comes after the New York State Department of Financial Services approved the proposed acquisition of control of Genworth Life Insurance Co. of New York by entities affiliated with China Oceanwide. As part of the New York regulator's approval, Genworth Financial and China Oceanwide acknowledged some additional requirements relating to cybersecurity matters and the protection of customer personally identifiable information.
Insurance regulators in North Carolina, South Carolina, Vermont and Virginia recently reapproved China Oceanwide's proposed acquisition of Genworth Financial subsidiaries domiciled in their respective states. In 2018, Genworth and China Oceanwide pushed the deadline for their merger to close to Jan. 31 to provide additional time for regulatory review of the transaction.
The closing of the transaction remains subject to other conditions, including the receipt of other required regulatory approvals in China, Canada and by the U.S. Financial Industry Regulatory Authority.