Losses & Lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
General Electric
General Electric received a subpoena in May from the US Securities and Exchange Commission seeking documents related to its insurance division and the use of finite reinsurance. GE admits to relying upon finite reinsurance to manage its risks – particularly risks associated with its catastrophic coverage of natural events, such as storms and hurricanes.
GE announced that the subpoena is "general" and that the SEC is seeking to retrieve documents related to "certain loss mitigation
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