Defendant Name:
Assurant, Inc.
Defendant Type:
Public Company
SIC Code:
6331
CUSIP:
04621X10
Document Reference:
comp21388
Document Details
Legal Case Name
SEC v. Assurant, Inc.
Document Name
Complaint
Document Date
21-Jan-2010
Document Format
Civil Proceeding
Case Number
10-cv-00484
Federal District Court
New York, Southern District of New York
Federal District Judge
Cedarbaum
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On January 21 the SEC filed a complaint against Assurant, Inc. According to the SEC: "This matter involves the failure of Assurant, a publically traded insurance company, to properly account for millions of dollars that it obtained in the third quarter of 2004 under a so-called 'reinsurance policy'. The reinsurance policy was subject to an undisclosed 'handshake' agreement that effectively negated risk transfer. As a result, under applicable accounting rules, Assurant should have accounted for the policy as a deposit rather than as true reinsurance. By failing to do so, Assurant overstated its reported net income for the quarter ended September 30, 2004, by nearly 10% and in process violated corporate reporting, recordkeeping and internal control provisions of the federal securities laws."