The Securities and Exchange Commission has subpoenaed The Chubb Corp. in a “fact-finding inquiry” regarding loss-mitigation insurance products.
The Warren, N.J., company said in a filing with the SEC that the subpoena was similar to one Chubb received from New York state Attorney General Eliot Spitzer.
Chubb has earlier disclosed inquiries by other prosecutors and insurance regulators also have made inquiries that were previously disclosed.
Chubb said in the filing that it got the SEC subpoena on Monday, Nov. 29. The company said it believes the probe also involves other companies, “and that Chubb has not been singled out in being asked to provide information to the SEC.”
Chubb said it intends to cooperate fully with the SEC and other investigators.
Spitzer and other regulators have been investigating allegations of conflicts of interest in the insurance industry.
Shares of Chubb closed Wednesday at $77, up 79 cents, or 1 percent, on the New York Stock Exchange.
Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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