Two Assurant Employess Investigated by SEC
Specialty carrier Assurant Inc. announced yesterday that two of its employees received a Wells notice from the U.S. Securities and Exchange Commission in connection with an ongoing investigation.
A Wells notice indicates the SEC staff is considering recommending that the SEC bring a civil enforcement action against these individuals for violating federal securities laws, Assurant said.
Michael Steinman, senior vp and chief actuary of Assurant Solutions/Assurant Specialty Property, and Dan Folse, vp for risk management of Assurant Solutions/Assurant Specialty Property, have each received this notice in the SEC's investigation of some loss mitigation insurance products.
The Assurant companies develop, underwrite and market specialty insurance, extended service contracts and other risk management solutions in collaborative relationships with leading financial institutions, retailers, automobile dealers, utilities and other entities. Companies include American Bankers Life Assurance Company of Florida, American Bankers Insurance Company of Florida, American Memorial Life Insurance Company, American Security Insurance Company, Federal Warranty Service Corporation, Union Security Life Insurance Company, United Family Life Insurance Company and United Service Protection, Inc.
Published on July 6, 2007
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