Trump Organization’s Insurance Broker Subpoenaed by New York Regulator
New York’s insurance regulator issued a subpoena to the Trump Organization’s primary insurance broker, a person familiar with the matter said. It came just days after President Donald Trump’s former personal attorney testified to Congress that the president’s company sometimes misrepresented the value of its assets to insurance companies.
The subpoena, from New York’s Department of Financial Services, asks Aon for details about its relationship with the Trump Organization and Trump himself, the person said. There’s no indication that Aon, which often works as an intermediary between insurance companies and businesses seeking policies, is suspected of any wrongdoing.
The Trump Organization didn’t immediately respond to a request for comment.
An Aon spokeswoman, Donna Mirandola, confirmed the DFS subpoena and said the company intended to cooperate, but declined to identify whether the subpoena involved the Trump Organization. A DFS spokeswoman, Ciara Marangas, declined to comment. News of the subpoena was reported earlier by the New York Times.
The former Trump personal lawyer, Michael Cohen, told the House Oversight Committee last week that the Trump Organization had sometimes inflated the value of its assets in representations to insurance companies in order to reduce its premiums.
The Department of Financial Services regulates insurance companies and banks, including monitoring the integrity of insurance markets. It can bring enforcement cases against companies it regulates and refer related matters to other authorities.