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Four insurers get subpoenas in NY Regulator Iran sanction probe

Four insurers get subpoenas in NY Regulator Iran sanction probe

Four U.S. insurance carriers have been subpoenaed by New York state’s top insurance regulator in an ongoing probe of potential sanctions violations involving Iran, according to sources quoted by national media.

The subpoenas were sent to Chubb Corp, CNA Financial, Liberty Mutual and Navigators Group from the Department of Financial Services’ head Benjamin Lawsky.

The subpoenas reportedly demanded information related to the companies’ dealings with Swiss-based commodities concern Glencore Xstrata and its Iranian metals trade. They were also allegedly asked to identify any instance in which they invoked governmental sanctions as a reason to refuse claim payouts.

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