New York Attorney General Eliot Spitzer sent Hartford Financial Services Group a subpoena for documents pertaining to annuity sales, according to one of the company's recent regulatory filings, Dow Jones Newswires reports.
The subpoena is a likely precursor to regulatory action initiated by Spitzer and the Securities and Exchange Commission, the filing said. Company officials also said regulators are looking into possible improprieties stemming from market-timing and directed-brokerage practices within variable annuity products.
The filing also indicated that Spitzer has subpoenaed documents pertaining to the company's "underwriting practices with respect to legal professional liability insurance" and "compensation arrangements in connection with the administration of workers compensation plans."
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