Imperial Holdings has become the target of a federal criminal investigation after insurance regulators caught wind of allegations concerning the life insurance branch of the company – Imperial Finance and Trading. The investigation applies only to the company’s life insurance premium finance business and no other aspect of the company. A multitude of class action lawsuits have been filed against Imperial Holdings since September of last year. Many of these lawsuits are coming from shareholders who claim that the company is committing fraud. Federal regulators seized control of the company’s…
Read MoreTag: life insurance company investigation
California life insurer’s under investigation
Ten of California’s largest life insurance companies have come under investigation by state regulators for their handling of dormant policies. The ten are the latest in a sleuth of insurance companies nationwide that have been accused of withholding benefits from a policyholder’s family upon their death. Insurance Commissioner Dave Jones, along with State Controller John Chiang, will be leading the investigation. “The goal is to determine whether the insurance industry has engaged in unfair practices,” says Jones. The state’s probes uncovered some troubling information throughout the state, much of which…
Read More