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May 09, 2005

Nation's Insurers Face New Inquiry, This One by F.B.I.

The Federal Bureau of Investigation has begun a nationwide review of insurance practices to determine whether the accounting irregularities uncovered at American International Group represent a pervasive problem in the industry, agency officials said on Wednesday.

The F.B.I. has instructed agents at its 56 field offices to talk to government regulators and industry executives, review civil filings and look for patterns that mirror the problems seen in recent months at A.I.G., the officials said.

"We do not want to be caught napping on this," said Chris Swecker, an assistant director at the F.B.I. who oversees the financial crimes unit. "We are taking a very, very hard look at this to see if it represents a pervasive problem."

Continue reading "Nation's Insurers Face New Inquiry, This One by F.B.I."

Posted by Tom Troceen