New York Reapproves China Oceanwide-Genworth Deal

Genworth has noted in the past that it would then have to get approval for the New York capital contribution from insurance regulators in other U.S. states.

Genworth and China Oceanwide have told the other state insurance regulators about the terms of the agreement with New York state and "believe that these terms are acceptable to them as well," the companies said.

The companies are still answering some questions from the other regulators.

Once those items are resolved, China Oceanwide can ask its own regulators in China for permission to convert currency and transfer funds to pay for the deal, the companies said.

Genworth is a Richmond, Virginia-based company that's decended from GE Capital's insurance business. It has large mortgage insurance operations in the United States and Australia. It was a leader in the stand-alone long-term care insurance market and still has large blocks of life and annuity business on its books.

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