N.Y. Issues More Subpoenas in RAA Probe

The New York Attorney General’s office has widened its investigation of retained asset accounts (RAAs) to include several more insurers, according to our sister publications from National Underwriter.

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.

Meanwhile, two consumer advocates told insurance commissioners they would prefer to see regulation of insurance remain with the states, as opposed to a federal takeover.