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South Carolina, Vermont sign off on proposed Genworth/Oceanwide deal

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South Carolina, Vermont sign off on proposed Genworth/Oceanwide deal

South Carolina's insurance regulator has approved the pending acquisition by China Oceanwide Holdings Group Co. Ltd. of Genworth Financial Inc.'s special purpose financial captive insurance subsidiary domiciled in the state, the companies said.

The South Carolina Department of Insurance requires the companies to maintain protection of certain personally identifiable information held by Genworth. The two companies disclosed they secured consent from the Vermont Insurance Division for the proposed acquisition of control by Oceanwide of Genworth's Vermont-domiciled special purpose financial captive insurance subsidiaries.

China Oceanwide's proposed acquisition of Genworth still awaits clearance by the Committee on Foreign Investment in the U.S and other approvals in the U.S., China and other international jurisdictions.