NU Online News Service, May 4, 2004, 5:34 p.m. EDT – Jefferson National Life Insurance Company, Louisville, Ky., says it is being investigated for potential market-timing and late-trading activities related to its variable annuities.[@@]
In a May 4 filing, the company, a unit of Inviva Inc., New York, says New York Attorney General Eliot Spitzer and the U.S. Securities and Exchange Commission are investigating it.
Representatives for the SEC and Spitzer’s office declined to comment on the filing.
Jefferson National says in the filing that the SEC and Spitzer’s office began informal investigations in November 2003. “It is impossible to predict [the investigations'] outcome and whether or not the company will incur any loss, material or otherwise,” Jefferson National says.
Jefferson National adds that it has not established any loss reserves in connection with the investigations.