St. Paul Travelers Probed By 5 States
By Michael Ha
NU Online News Service, Nov. 10, 4:08 p.m. EST? The St. Paul Travelers Companies Inc. revealed in its Securities and Exchange Commission filing that the company has received subpoenas or informational requests from various attorneys general and regulators from five states.[@@]
The St. Paul, Minn.-based company's SEC filing yesterday stated that, "as part of ongoing, industry-wide investigations of insurance sales practices," it has received subpoenas and similar requests for information from the Office of the New York State Attorney General, the Office of the Connecticut State Attorney General, and the Office of the Minnesota Attorney General.
The St. Paul Travelers said in its filing that attorneys general from these three states requested documents and sought information "relating to the conduct of business between insurance brokers and the company and its subsidiaries."
Additionally, The St. Paul Travelers noted in its filing that a number of the company's subsidiaries have also received similar requests for information, from the North Carolina Insurance Department as well as from the Illinois Department of Financial and Professional Regulation Division of Insurance.
"It has been widely reported that other governmental and regulatory authorities are conducting similar inquiries, and the company and its subsidiaries may receive additional requests for information from these authorities," according to The St. Paul Travelers SEC filing.
The company said it "will cooperate fully with these requests for information." Company representatives declined to comment further on ongoing regulatory investigations.
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