Apollo Unit Vows To Protect NY Aviva Life Customers

Law360, New York (August 14, 2013, 5:20 PM EDT) -- Investment management giant Apollo Global Management LLC has agreed to heightened policyholder protections, including the implementation of stronger capital standards to protect against insolvency, as part of its plan to acquire Aviva Life and Annuity Co. of New York, state Department of Financial Services regulators said Wednesday.

The DFS said the safeguards include heightened capital standards; the establishment of a $35 million backstop trust account to pay claims; enhanced regulatory scrutiny of investments, operations, dividends and reinsurance; and more transparency.

“We’ve worked to build a new...
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