“New York Approves China Oceanwide-Genworth Deal,” by Allison Bell, ThinkAdvisor

“Genworth Financial Inc. announced Monday that it has cleared a major obstacle toward selling itself to China Oceanwide Holdings Group Co. Ltd. The Richmond, Virginia-based insurer said it has received approval from the New York State Department of Financial Services to transfer control of a New York-based subsidiary, Genworth Life Insurance Company of New York, to China Oceanwide. Now that New York state regulators have approved the deal, ‘the transaction has received all required U.S. insurance regulatory approvals,’ Genworth said in the approval announcement.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Little by little, the deal progresses. One wonders if things will move faster once free of U.S. regulations and under China Oceanwide’s control.