Probe: Subpoenas Out to 9 N.Y. Insurers

Eric Schneiderman, New York’s attorney general, sent subpoenas to nine Tier 1 life insurers now under investigation for practices in identifying and processing claims for deceased policyholders, according to reports. 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 made the short list of life insurers under question, according to the Wall Street Journal, which broke the story.

A spokesman for Guardian told Reuters that it is reviewing the subpoena and intends to "cooperate fully” with the attorney general.

"We believe our processes are compliant with all relevant regulations and serve the best interests of our participants," said a spokesman for TIAA-CREF. "We're aware of this industry matter and will fully cooperate with any official requests for information."

A Genworth spokesman told the Wall Street Journal that the company believes it has "compliant and robust practices to determine when claim payments are due and owing, and to adhere to state unclaimed property requirements and regulations."

AXA also told the Journal it would cooperate fully with Schneiderman. As of this writing none of the other companies could be reached for a comment.

The news of the subpoenas followed another announcement in which the New York State Insurance Department declared that life insurers licensed in the state of New York are now required to use an official government death list to identify when policyholders have died and also specify the death benefits that are due to their beneficiaries.