New York law helps ensure the longevity of life insurance benefits

life insurance agent policy

Governor Cuomo signs legislation focused on life insurance coverage into law A new law in New York will ensure that consumers will get to keep their life insurance policies if their issuing insurer goes out of business. The legislation was signed into law by Governor Andrew Cuomo, who believes that the law is necessary to ensure that consumers retain the coverage that they rely on. Typically, if an insurance company goes out of business, the policies it was responsible for become void, unless they are purchased by another insurance provider.…

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Life insurance fraud sends man to jail for murdering his son

Disability Insurance Fraud

A New York man who killed his son to be able to collect benefits payouts has been sentenced to prison. A man named Karl Karlsen, who, in November, pled guilty to a charge of second degree murder of his son in order to commit life insurance fraud, has now been sentenced to 15 years to life in prison. The man was able to collect the payout of $700,000 on his son’s policies, as he was the beneficiary. Karlsen, 53 years old, admitted to shifting a truck off a truck under…

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Life insurance claim behind a murder in New York

auto Insurance fraud

A man in the state has admitted to killing his son in order to collect on the $700,000 policy. A man in upstate New York has now admitted that he deliberately killed his son in a scheme to be able to allow him to collect on a life insurance policy that would pay him $700,000. The man quite suddenly admitted that he crushed his son under a truck in order to receive the payout. The guilty plea came from Karl Karlsen in a second degree murder case. It was put…

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Life insurance recovery reaches $1.1 billion

Life Insurance Payment

New York regulators have said that by July 10, the nationwide investigation has already been very successful. According to regulators in New York, the investigations that have been going on nationwide have already resulted in the recovery of over $1.1 billion in unclaimed life insurance benefits. Previously, insurers had not been using available lists in order to discover recent deaths that had occurred. The Department of Financial Services in New York explained that many life insurance companies were failing to consult with the Social Security Administration lists of recent deaths…

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Life insurance benefits worth $665 million unclaimed in New York

Governor Andrew Cuomo life insurance new york

Over 89,000 people across the United States will be receiving their portion of the total amount. Nearly 90,000 people throughout the country will be receiving their due portions of a total of more than $665 million in life insurance benefits to which they had no idea they were entitled. The governor of the state has said that these benefits payments are the outcome of a new law. Governor Andrew Cuomo announced that the life insurance payments have come from a law that was signed in 2012, which requires insurers to…

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New York insurance companies to pay customers $262 million following investigation

New York Governor Andrew Cuomo Insurance News

An investigation into New York insurance companies resulted in $262 million in payments. State Governor Andrew Cuomo has announced that several New York insurance companies selling life insurance products will be required to pay out $262 in unpaid benefits following a probe into the practices of firms across the state. What the investigation determined was that these life insurers were required to make $262.2 million in payments for 32,715 beneficiaries who were unaware that their deceased loved ones had policies for which a claim could be made. The New York…

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NY Soldiers, vets, and their families may receive insurance protection from Cuomo administration effort

The New York State Department of Financial Services has released a news statement that included Superintendant Benjamin M. Lawsky’s announcement that life insurance companies will be required to pay the full amount to the beneficiaries of the policies that were held by veterans, soldiers, and others, without holding the money in their accounts. Unless either the beneficiary or the policy buyer specifically indicates that the funds should be provided otherwise, this will be the new standard for all life insurance policies of this nature. For many years, the life insurance…

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New York regulators launch investigation into the state’s life insurance industry

The New York Department of Financial Services has begun an investigation into the state’s life insurance industry. The investigation seeks to account for the $52.6 million in unpaid benefits that has been missing for the past several months. The money has yet to reach the 8,000 beneficiaries to which it is owed. Shortly after the investigation was announced on Monday, the money quickly made its way to beneficiaries, which has sparked concerned amongst the state’s insurance regulators. In accordance with the investigation, the state’s life insurance companies are required to…

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U.S. appeals court to rule on a law concerning insurance payments for the heirs of the Armenian genocide

The 9th U.S. Circuit Court of Appeals in California has taken a controversial stance on the matter of the Armenian genocide in Turkey which may conflict with U.S. foreign policy. The issue concerns a state law which declares that heirs of those killed by the Turkish Ottoman Empire are due life insurance payments from three of Germany’s largest insurance organizations. The court first levied a tentative ruling on the matter in 2009, where judges ruled in favor of the German insurers. Now, however, the judges have ruled to rehear the…

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New York Attorney General institutes and inquiry into the operations of nine of the state’s life insurance companies

Nine life insurance companies in New York have come under regulatory scrutiny and will be subject to inquiry regarding the identification of deceased customers and their beneficiaries. The state Attorney General has issued subpoenas to the companies to determine whether they have issued appropriate payouts on the policies of clients that have passed away. Few companies have confirmed the reception of the subpoenas but the Attorney General claims that the recipients are among the leaders in the life insurance market. The inquiry is a result of a growing number of…

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