The corporate-owned life insurance (COLI) business was sold to The Hartford. In 1999, MBLLAC’s individual life insurance and individual and group annuity businesses were sold to affiliates of SunAmerica, Inc. The plan, implemented on April 29, 1994, provided for the transfer of most of Mutual Benefit’s assets and insurance liabilities to Mutual Benefit Life Assurance Corporation (MBLLAC). The company was placed in rehabilitation under supervision in mid-1991 by the New Jersey Court, which later approved a Third Amended Plan of Rehabilitation on January 28, 1994. The Mutual Benefit Life Insurance Company had a diverse set of offerings: life, health, and annuity products available to the individual, group, and business sectors.
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