Tags: ny attorney general | life insurance companies

NY AG Sends Subpoenas to Life Insurers

Tuesday, 05 Jul 2011 07:48 AM

 

New York Attorney General has issued subpoenas to at least nine leading life insurers to examine whether the firms have adequately ensured payouts on policies of some deceased customers, the Wall Street Journal said, citing people familiar with the matter.

The move is another measure of regulatory scrutiny into whether companies have done enough to identify dead customers and their beneficiaries, the Journal said.

It is not clear yet if any enforcement action would be brought under terms of the law, one of the people familiar with the matter told the newspaper.

Some of the companies could not be reached or did not have immediate comment over the holiday weekend, the paper said.

A few insurance firms have confirmed receipt of a subpoena saying it is being reviewed and pledging cooperation with the inquiry, the newspaper said.

The Journal said subpoenas went to units of AXA SA, Genworth Financial Inc, Guardian Life Insurance Co of America, Manulife Financial Corp, Massachusetts Mutual Life Insurance Co, MetLife Inc, New York Life Insurance Co, Prudential Financial Inc, and TIAA-CREF.

"We believe we have compliant and robust practices to determine when claim payments are due and owing, and to adhere to state unclaimed property requirements and regulations," a Genworth spokesman told the Journal.

"We are committed to cooperating fully with the attorney general, as well as with other states conducting similar reviews," a spokesman for AXA's AXA Equitable unit told WSJ. MetLife declined comment to the paper.

None of the companies could immediately be reached for comment by Reuters.

© 2015 Thomson/Reuters. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Author: Jeb Bush Has Conservative Record as Governor

Tuesday, 27 Jan 2015 15:35 PM

As there is much debate over the conservative credentials of former Florida Gov. Jeb Bush, a University of Northern Flor . . .

Ex-Bodyguard of Venezuelan Pol in Cocaine Smuggling Case Defects

Tuesday, 27 Jan 2015 22:40 PM

A former bodyguard for Venezuela's second-most powerful man , a leader of its congress and the nation's military wing ,  . . .

US Africa Command Chief: 'We Can't See' Enough to Monitor Terrorists

Tuesday, 27 Jan 2015 22:16 PM

The United States and its international partners in Africa "can't see what's going on enough" to monitor increasingly vi . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved