WASHINGTON–The New York Attorney General’s office has widened its investigation of retained asset accounts (RAAs) to include several more insurers.
The office has subpoenaed American International Group Inc., New York Principal Financial Group Inc. Aetna Inc., Lincoln National Corp. and CNO, formerly Conseco.
They were added to a group of insurers previously subpoenaed that include MetLife Inc. and Prudential Financial Inc.
Cuomo is also seeking RAA data from Unum Group Corp., Genworth Financial Inc., New York Life Insurance Co., Guardian Life Insurance Co. of America and an insurer acquired by France’s AXA Group.
Among the issues that Andrew Cuomo, New York’s Attorney General, is looking into are the interest rates paid on the accounts and whether adequate disclosure was made to beneficiaries of these policies about their alternatives to deposit the funds.