Prudential Financial has settled with the Securities and Exchange Commission over charges that it engaged in improperly accounting for reinsurance agreements.
The SEC alleged that from December 1997 through December 2002, Prudential's former property and casualty subsidiaries, known as the Prupac companies, entered into a series of so-called finite reinsurance contracts with General Reinsurance that had no purpose other than to build up and then draw down on an off-balance-sheet asset, or "bank," that Gen Re held for Prupac.
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