NU Online News Service, Jan. 31, 2004, 2:17 p.m. EST – Conseco Inc., Carmel, Ind., says regulators are looking at its old variable annuity operations.[@@]
The New York state attorney general and the U.S. Securities and Exchange Commission notified Conseco about a possible enforcement action earlier this month, Conseco says.
Conseco, which has disclosed the notification on the 117th page of a securities registration statement, says the enforcement action would focus on “alleged market timing on the part of holders of variable annuity policies issued by [Conseco Variable Insurance Company].”
Conseco sold the Conseco Variable unit to Inviva Inc., New York, in October 2002.
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Conseco “and its affiliates have not issued any variable annuity policies since the sale of CVIC,” Conseco says in the registration statement.
Conseco owned Conseco Variable through its Conseco Life Insurance Company of Texas unit.
Conseco and Conseco Life believe, based on the information supplied by regulators, that Conseco Variable violated no federal or state law before the October 2002 sale, Conseco says.