Incorporated on May 29, 1850, The Manhattan Life Insurance Company is a life insurance company domiciled in New York but operates as a subsidiary of Manhattan Insurance Group in Houston, Texas today.After the New York Deposit Law was passed in 1851 to prevent recklessness by insurance companies from having inadequate security and incompetent management, the founders of Manhattan Life sought to provide stability by creating a stock company controlled by a board of directors with a financial interest in the management, while at the same time protecting the interests of policyholders by giving them the advantages of a mutual system whose profits belong to the insured.