Life insurers scrutinized on payouts
Source: Agencies |
July 6, 2011, Wednesday
|
Print Edition
Print Edition
NEW York has issued subpoenas to at least nine life insurers to examine whether the firms have adequately ensured payouts on policies of some deceased customers, the Wall Street Journal said, citing anonymous sources.
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 will be brought, one of the people familiar with the matter 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 are committed to cooperating fully with the attorney general, as well as with other states conducting similar reviews," said a spokesman for AXA's AXA Equitable unit.
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 will be brought, one of the people familiar with the matter 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 are committed to cooperating fully with the attorney general, as well as with other states conducting similar reviews," said a spokesman for AXA's AXA Equitable unit.
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