General Electric Company said Monday it received a subpoena from the U.S. Attorney’s Office for the Southern District of New York seeking documents relating to finite risk insurance. The subpoena is reportedly general in nature.
As previously reported, GE Insurance Solutions, one of GE’s businesses, received a similar subpoena from the New York Regional Office of the Securities & Exchange Commission (SEC) on April 29. GE said it understands that a number of other insurance and reinsurance companies have been subpoenaed by the SEC and the U.S. Attorney’s Office in relation to finite risk. GE will reportedly cooperate fully with the SEC and the U.S. Attorney’s Office.
GE Insurance Solutions has reportedly made limited use of reinsurance with finite characteristics to manage the risks of catastrophic events such as storms or hurricanes and to protect itself and GE shareowners from the volatility that is inherent in its business.
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