Business Context and Reporting Period
This Form 8-K Current Report was filed by Assurant, Inc. on February 7, 2012. The report addresses a regulatory event involving the Company and two of its insurance subsidiaries, American Security Insurance Company and American Bankers Insurance Company of Florida.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a regulatory event and does not contain financial performance data.
Material Changes
The material event reported is the receipt of subpoenas from the New York Department of Financial Services (NYDFS) regarding the Company's lender-placed insurance business and related document retention practices. This occurred while the Company was completing information production requested by the NYDFS in October 2011.
Outlook, Risks, and Management Commentary
- Management Position: The Company respectfully disagrees with the NYDFS's position concerning its document retention practices.
- Operational Response: The Company has modified its practices in accordance with the NYDFS interpretation pending resolution of the matter.
- Commitment: Management is committed to cooperating fully with the NYDFS to resolve the issue.
- Risks: The primary risk identified is the ongoing regulatory investigation and potential outcomes related to the subpoenas.
Key Facts for Investor Verification
- Subpoenas were issued by the NYDFS on February 7, 2012.
- The investigation targets lender-placed insurance business and document retention practices.
- The Company has already modified its document retention practices to align with the regulator's interpretation.
- The matter remains pending resolution.