The U.S. Justice Department, New York Attorney General Eliot Spitzer and the Securities Exchange Commission all have launched investigations to determine if companies have used finite reinsurance to manipulate their financial statements.These regulatory authorities claim insurers have used finite reinsurance agreements as a way to smooth earnings reports, thereby deceiving investors and regulators.
Dozens of insurers have been brought into the investigations, including companies such as AIG, XL Capital, RenaissanceRE Holdings, Assurant Inc., Partner RE Ltd., Bristol West and General Electric Co.
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