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Philippines approves 6762 Holdings' bid for National Life Insurance

( May 11, 2016, 07:30 GMT | Official Statement) -- MLex Summary: The Philippine Insurance Commission has approved the sale of the National Life Insurance Company of the Philippines to 6762 Holdings Corp for 1.054 billion pesos ($21.4 million). The entry of an investor was a prerequisite embodied in the 2013 modified rehabilitation plan for National Life Insurance, which was placed under conservatorship by the commission in 2006. The regulator said it would continue to closely supervise National Life Insurance until it was able to run its operations normally, and would examine its compliance with statutory and regulatory financial requirements after the transaction closes.The regulator's statement is attached. ...

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