News

An unconfirmed report on Bloomberg says NY AG Cuomo is widening his probe of the industry relating to retained asset accounts, which hold funds due to beneficiaries of deceased policyholders in insurers' general accounts. While it is unclear to us whether the insurers provide adequate disclosures connected with these accounts, we do not expect any material adverse impact on the industry. The beneficiaries receive interest on these funds and are entitled to access the entire benefit at anytime. That said, we think the probe will present the industry with some headline risk.