Three insurers said yesterday that they received subpoenas in ongoing investigations by federal and state attorneys general seeking information about transactions ranging from finite reinsurance to annuity sales.
General Electric Company of Fairfield, Conn., said in a statement that it received a subpoena from the U.S. Attorney's Office for the Southern District of New York seeking documents relating to finite risk insurance. The company said the subpoena is general in nature.
GE went on to say that its GE Insurance Solutions division received a similar subpoena from the Securities & Exchange Commission on April 29.
In an 8-K filing, Chicago-based insurer CNA Financial Corporation said it received a subpoena from the same U.S. Attorney's Office in New York relating to finite risk reinsurance and related products. It added that it has received subpoenas, interrogatories and inquiries on the subject from a number of state and federal regulatory authorities–including the SEC.
CNA went on to say that the SEC also requested documents relating to prior-year results and its relationship with and accounting for Accord Re Ltd.
Investigators, who have subpoenaed an ever-growing number of insurers, have been examining finite transactions to see if they are connected to questionable accounting used to improve companies' financial statements.
The Hartford Financial Services Group Inc., of Hartford, Conn., said in an 8-K filing that New York and Connecticut attorneys general issued subpoenas for information relating to the company's annuity products.
The company added that it previously received a subpoena from New York's attorney general requesting information on its broker compensation arrangements.
All three said they would cooperate with the requests.
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