China Oceanwide’s proposed acquisition of life insurer Genworth Life Insurance Company of New York has been approved by the New York State Department of Financial Services (NYDFS).
Specifically, entities affiliated with Oceanwide will be making the purchase, in connection with the main merger of Oceanwide and Genworth. Oceanwide first proposed a $2.7 billion merger with parent company Genworth Financial in 2016.
A release said that that as part of the NYDFS approval, both Genworth and Oceanwide entered into a letter agreement with the regulator which acknowledged “certain additional requirements” pertaining to cybersecurity concerns. These requirements are consistent with the Enhanced Data Security Program that both companies previously agreed to when the transaction was cleared by the Committee on Foreign Investment in the United States.
NYDFS’s approval was the last insurance regulatory approval needed for the deal to close. However, the transaction is still subject to other conditions, such as the receipt of other required non-insurance regulatory approvals in China, Canada and by the US-based Financial Industry Regulatory Authority (FINRA).