Berkshire Hathaway has said Ronald Ferguson, the former chief executive of its General Re unit, has received a Wells Notice.
The notice indicates that the Securities and Exchange Commission is considering filing a civil action as part of an investigation into non-traditional insurance products.
Ferguson stepped down as chief executive of General Re four years ago but provided consulting services to General Re and some of its affiliates until 20 May this year.
In September, Berkshire Hathaway said securities regulators may also sue the current chief executive of its General Re unit and former and current subordinates over their roles in a 2000 transaction that helped AIG inflate its reserves.