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INSURANCE COMMISSIONER LEVINSON LICENSES THREE INSURANCE COMPANIES OWNED BY BANKS UNDER DELAWARE'S 1989 BANK AND TRUST COMPANY INSURANCE ACT

INSURANCE COMMISSIONER LEVINSON LICENSES THREE INSURANCE COMPANIES OWNED

BY BANKS UNDER DELAWARE'S 1989 BANK AND TRUST COMPANY INSURANCE ACT
 DOVER, Del., Nov. 19 /PRNewswire/ -- Delaware Insurance Commissioner David N. Levinson announced that he today licensed three insurance companies owned by banks under Delaware's 1989 Bank and Trust Company Insurance Act.
 One of the insurance companies is owned by CitiBank Delaware, and the other two insurance companies are owned by Bankers Trust (Delaware). Pending federal legislation may restrict banks from engaging in insurance activities in the future. CitiBank received a license for its "CitiCorp Assurance Company" which will write property and casualty insurance. Its initial capital and surplus is $1.5 million. BT Life Insurance Company, which has been authorized by the commissioner to write life and health insurance, annuities, credit life, credit health, and reinsurance, has initial capital and surplus of approximately $10 million. Bankers Trust's second company, BT Insurance Corporation, has been authorized to write property, casualty, surety and marine transportation insurance. It also has initial capitalization of approximately $10 million. CitiBank licensed a division of the bank, CitiDel, immediately after the enabling legislation was adopted to write life and health insurance.
 In addition to the four licensed insurance companies now authorized to transact the business of insurance under the Bank and Trust Company Insurance Act of 1989, Family Guardian Life Insurance Company, owned by CitiCorp, has placed itself under the jurisdiction of the Delaware Insurance Department in anticipation of redomesticating to Delaware to conduct business under the Delaware law.
 -0- 11/19/91
 /CONTACT: David N. Levinson, Delaware Insurance commissioner, 302-739-4251/ CO: Department of Insurance ST: Delaware IN: INS SU: CC-MK -- PH041 -- 5143 11/19/91 17:22 EST
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Publication:PR Newswire
Date:Nov 19, 1991
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