Eric Schneiderman

  • Unclaimed property issue escalates

    By Arthur D. Postal  |  October 8, 2012

    States are now including mid-sized insurance companies in their probes, and two new auditing firms are getting into this so-called “market.”

  • Court Rules on Greenberg AIG Case

    By Arthur D. Postal  |  May 9, 2012

    An appellate court in New York has cleared the way for a trial on allegations that Maurice “Hank” Greenberg and Howard Smith, then CEO and CFO of American International Group, respectively, committed fraud in connection with two reinsurance transactions that allowed AIG to inflate loss reserves without transferring risk.

  • Scrounging for Dollars

    By Arthur D. Postal  |  May 1, 2012

    Let’s pause for a second. The announcement April 24 by state regulators of a settlement with Metropolitan Life of its unclaimed property practices, coupled with an announcement that the settlement could include the return of perhaps $700 million either to policy beneficiaries or to the states, raises more questions than...

  • Scrounging for Dollars

    By Arthur D. Postal  |  April 24, 2012

    The multi-state settlement with MetLife of its unclaimed property practices, coupled with an announcement that the settlement could include the return of perhaps $700 million either to policy beneficiaries or to the states, raises more questions than it answers.

  • Life Insurers Face Double Whammy in New York

    By Arthur D. Postal, PropertyCasualty360.com  |  January 4, 2012

    Life insurers based in New York have already made $52.6 million in payments to 7,934 beneficiaries as a result of the New York Department of Financial Services’ probe of insurer unclaimed property practices.

  • Life Insurers Face Double Whammy in New York

    By Arthur D. Postal  |  December 5, 2011

    Life insurers have already paid out $50+ million on unclaimed property in New York following the DFS probe. But now comes the attorney general and comptroller. What will the price tag be this time?

  • Unclaimed Property Probe Escalates

    By Arthur D. Postal  |  November 4, 2011

    As Minnesota and New York escalate their unclaimed property investigations, competition has arisen among the regulators over who can be toughest on life insurers.

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