Chinese acquisition of domestic insurance company requires Delaware’s approval

Delaware Public Media – by Nick Ciolino

Delaware’s Department of Insurance is set to hold a public hearing this month regarding an international business acquisition.

The Chinese company China Oceanwide Holdings Group announced in 2016 it would acquire the Virginia-based S&P 400 insurance company Genworth Holdings in a $2.7 billion transaction.  

The deal was green-lighted back in June by the inter-agency federal oversight Committee on Foreign Investment in the United States after it examined possible national security concerns.

But approval is still needed from several state, federal and international regulators, including Delaware’s Department of Insurance—Genworth’s primary domestic regulator.

Stephen Lamb will preside over the public hearing.  He’s a former Vice Chancellor of the Delaware Court of Chancery.

Lamb will hear testimony and make a recommendation to Insurance Commissioner Trinidad Navarro. Navarro will issue the final order determining if the transaction is in compliance with Delaware Insurance Code.

The hearing is November 28th at the Kent County Courthouse in Dover.

This transaction has already seen many delays, but China Oceanwide and Genworth have publicly announced their hope to have it completed by the end of the year.

http://www.delawarepublic.org/post/chinese-aquisition-domestic-insurance-company-requires-delawares-approval

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