Cuomo looks at US life assurers
July 30, 2010
NEW YORK attorney general Andrew Cuomo (pictured) announced Thursday that his office has issued subpoenas to US life assurers Prudential Financial and MetLife in connection with what it deemed a “major fraud investigation” into life assurers’ handling of so-called retained-asset accounts. Regulators are looking into the companies’ routine retention of benefits until beneficiaries explicitly ask for the funds. The probe was sparked by a report by Bloomberg that examined life assurers’...