OTHER NEWS - Sept. 30, 1992
From Times Staff and Wire Reports
Virginia OKs Plan for First Capital Unit: Hartford Life Insurance Co. will take over the business of Fidelity Bankers Life Insurance Co., a Virginia-based subsidiary of troubled First Capital Holdings Corp., under a plan approved by the Virginia State Corporation Commission. Fidelity Bankers, with assets of $4 billion and 184,000 policyholders, was seized by Virginia regulators in May, 1991, after junk bond losses forced its Beverly Hills-based parent, First Capital Holdings, to file for Chapter 11 bankruptcy protection. People who hold annuities and life insurance policies face a choice of whether to surrender their holdings for immediate cash, minus a penalty, or to stay with Hartford for five years and a full return.
