Another Subpoena For St. Paul Travelers
By Michael Ha
NU Online News Service, Dec. 10, 12:16 p.m. EST?The St. Paul Travelers Companies Inc. revealed today that it has been subpoenaed in New York Attorney General Eliot Spitzer's industrywide inquiry concerning underwriting of lawyers' professional liability insurance.[@@]
The St. Paul, Minn.-based St. Paul Travelers, the country's second-largest business insurer, also said it may receive similar requests for information from other government or regulatory authorities and will cooperate fully with all such requests.
St. Paul Travelers is the fifth insurer to report receiving a New York subpoena. The Hartford, Arch Capital Group Ltd. and American Financial Group all have received requests for information concerning underwriting practices for legal malpractice insurance.
St. Paul Travelers previously had received a number of subpoenas related to ongoing probes by officials in various states investigating a variety of industry practices.
St. Paul Travelers revealed last month that it received subpoenas and 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.
Attorneys general from these three states requested documents and sought information relating to the conduct of business between insurance brokers and The St. Paul Travelers and its subsidiaries.
The St. Paul Travelers also has 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.
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