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STATEMENT BY RICHARD H. JENRETTE, EQUITABLE CHAIRMAN & CEO, ON THE AFFIRMATIVE RULING BY THE NEW YORK SUPERINTENDENT OF INSURANCE

STATEMENT BY RICHARD H. JENRETTE, EQUITABLE CHAIRMAN & CEO, ON THE
 AFFIRMATIVE RULING BY THE NEW YORK SUPERINTENDENT OF INSURANCE
 NEW YORK, May 13 /PRNewswire/ -- In response to the affirmative ruling by the New York Superintendent of Insurance on Equitable's plan to convert to a public company, Equitable Chairman and Chief Executive Officer Richard H. Jenrette stated:
 "All of the important regulatory and policyholder approvals required for demutualization have now been met, and we can move forward with the final steps in our demutualization. I am very pleased that the New York Superintendent of Insurance delivered this affirmative ruling and concluded that Equitable's conversion plan is fair and equitable to our policyholders."
 "The Superintendent's decision was made following a public hearing process in which policyholders and members of the public were given the opportunity to comment on the plan. Last week, we received a strong mandate for demutualization from our policyholders, who voted overwhelmingly in favor of the plan, with 92.3 percent of those who cast ballots rendering a decisive 'yes.'"
 "Demutualization represents a new beginning for The Equitable. As a stock company, Equitable will be permitted to raise additional capital to further increase its financial strength and competitive position, which will benefit existing and future policyholders."
 Background Information.
 The Equitable first announced its intention to develop a conversion plan in December 1990. In July 1991, the large French insurer AXA invested $1 billion in The Equitable through the purchase of notes that will be exchanged for Equitable stock upon demutualization. An affirmative vote by at least two-thirds of eligible policyholders who cast ballots was required for the conversion to proceed. On May 8, the ballot tally was announced, with policyholders overwhelmingly voting in favor of the plan -- a strong mandate for public ownership. The New York Superintendent of Insurance delivered an affirmative ruling on the plan on May 12.
 -0- 5/13/92
 /CONTACT: Nancy M. Amiel, 212-554-4293, for The Equitable/ CO: The Equitable ST: New York IN: INS SU:


SH -- NY069 -- 9758 05/13/92 14:08 EDT
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Publication:PR Newswire
Date:May 13, 1992
Words:340
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