Calif. sues Texas insurer over escheat records

May 15, 2013 by Arthur D. Postal

A Texas insurance company is being sued by California’s controller for allegedly stonewalling requests needed to determine whether the insurance company is complying with California’ unclaimed property laws.

The core of the issue, according to the complaint, is that American National Insurance Company (ANICO), Galveston, Texas, is arguing that currently “in-force policies” are not subject to the controller’s audit and that such data would not be produced “because it has made its own determination that such data will not lead to reportable property.”

California Controller, John Chiang, alleges in the lawsuit that, “ANICO’s dilatory and obstructive actions have significantly impeded the Controller’s audit.”  Click here to read…

Originally Posted at LifeHealthPro on May 13, 2013 by Arthur D. Postal.