Trump Organization's insurance policies under investigation in New York: Source

The inquiry is said to be in its early stages, a source told ABC News.

March 5, 2019, 5:20 PM

Insurance regulators in New York have issued a subpoena to Aon, the Trump Organization’s insurance broker of choice, the company confirmed to ABC News.

The subpoena, issued by the New York State Department of Financial Services, was based in large part on the testimony of Michael Cohen, who answered in the affirmative when asked whether President Donald Trump ever inflated his assets to an insurance company, according to a source familiar with the matter.

The Department of Financial Services declined to comment.

Michael Cohen, the former attorney, and fixer for President Donald Trump testifies before the House Oversight Committee on Capitol Hill, Feb. 27 2019, in Washington, D.C.
Chip Somodevilla/Getty Images

There is no indication Aon did anything wrong or even underwrote the Trump Organization's policies but was the company’s insurance broker.

The Department of Financial Services inquiry, described by the same source as being in the early stages, could lead to a referral to prosecutors of any potential insurance fraud the president may have committed by misrepresenting his finances.

In this file photo shows the exterior of Trump Tower skyscraper at 5th Avenue and 56th Street, Aug. 24, 2013, in New York City.
Waring Abbott/Getty Images, FILE

The subpoena, the existence of which was first reported by the New York Times, demands a range of materials regarding Aon’s business contacts with President Trump and the Trump Organization from 2009 on.

"We can confirm that we received a subpoena from the New York State Department of Financial Services and, as is our policy, we intend to cooperate with all regulatory bodies," Aon told ABC News in a statement. "We do not comment on specific client matters."

The White House and the Trump Organization did not return ABC News' request for comment.

Cohen's bombshell testimony last week also accelerated the congressional timeline for requesting the president's personal tax returns from the past 10 years, according to three Democratic aides. During Cohen's testimony before the House Oversight Committee, he suggested that Trump's tax returns would show if he committed tax evasion or inflated his income for insurance purposes.

ABC News' Tara Palmeri contributed to this report.

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