audit-bills-paperwork

General Electric is being investigated by federal regulators for a US$15-billion hit it took to cover miscalculations made by an insurance unit.

The company revealed last week that it would take a US$6.2-billion charge in its fourth quarter after a subsidiary, North American Life & Health, underestimated how much it would cost to pay for the care of people who have lived longer than projected.

Read:

During a conference call Wednesday, about GE’s fourth-quarter earnings report, the CEO of GE Transportation said the company had been notified that the Securities and Exchange Commission is investigating the process that led to the mishap.

GE’s Jamie Miller said the investigation is in its early stages and that the company is co-operating fully.

Also read:

What 80-somethings expect from their advisors

How insurers are handling capital requirements

Originally published on Advisor.ca
Add a comment

Have your say on this topic! Comments are moderated and may be edited or removed by
site admin as per our Comment Policy. Thanks!