Carrier Targeted in 'Finite-Risk Insurance' Probe

New York specialty insurer Assurant announced Thursday two of its executives were served notice by the U.S. Securities and Exchange Commission (SEC) that they may be sued or become the targets of an administrative law action in connection with an ongoing federal investigation into loss-mitigation programs known as finite-risk insurance. Assurant said SEC "Wells notices" were sent to Michael Steinman, senior vice president and chief actuary for Assurant Solutions, and Dan Folse, vice president-risk management for Assurant Solutions. Both the company and the SEC declined further comment on...