HARTFORD LIFE GETS FIDELITY TRANSFERS

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, February 19, 1993                   TAG: 9302190134
SECTION: BUSINESS                    PAGE: A-7   EDITION: METRO 
SOURCE: Associated Press
DATELINE: SIMSBURY, CONN.                                LENGTH: Short
HARTFORD LIFE GETS FIDELITY TRANSFERS
Policyholders with a Virginia-based insurer will begin receiving forms this week to allow them to transfer their policies to Hartford Life Insurance Co., the company said.
Hartford Life, a unit of ITT Hartford Insurance Group, has signed an agreement with the Virginia Bureau of Insurance to assume the policies and assets of Fidelity Bankers Life Insurance Co., based in Richmond.
Fidelity Bankers has been in receivership since May 1991, when the State Corporation Commission seized the company during a rush by shareholders to surrender policies for cash.
More than 163,000 Fidelity Bankers policyholders across the country were to get a special notice that allows them to switch a total of $4.3 billion in annuity, life, accident and sickness insurance policies to Hartford Life.
A spokesman for Hartford Life said Fidelity Bankers policyholders can shift their policies to Hartford Life and receive 100 percent of their account values. Policyholders have until April 15 to decide if they want to participate in the plan, which is expected to take effect June 15.
Policyholders who opt out of the plan generally will receive 85 percent of their account values in cash, Hartford Life said. The remaining 15 percent would be issued as an annuity from a new mutual company to be formed under the Fidelity rehabilitation plan. Policyholders will not be able to cash out those annuities for two years.

by Archana Subramaniam by CNB