The Delaware Department of Insurance has received an amendment to the Form A statement regarding the acquisition of Genworth Life Insurance Co. by China Oceanwide Holdings Group Co. Ltd. and certain of its affiliates.
The amended application begins afresh the process by which China Oceanwide seeks the department's approval of its plans to acquire Genworth Life Insurance in connection with its merger agreement with Genworth Life Insurance's parent, Genworth Financial Inc.
China Oceanwide and Genworth Financial are now proceeding with the deal without the unstacking of Genworth Life & Annuity Insurance Co. as a Virginia-domiciled direct wholly owned subsidiary of Genworth Life Insurance.
The amended transaction application will also require the approval of the insurance departments of other U.S. jurisdictions, which will re-examine the transaction under their respective state laws. The merger also requires the approval of the Committee on Foreign Investment in the United States.
The parties informed the department that their application for the committee's approval remains pending.
