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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New death benefit battle rages on with life insurance companies
Insurance companies are now facing a new battle in the challenge for data management as state regulators are now requiring that they verify their life insurance policies against the data from the Social Security Death Master File. This is only the most recent of several changes that have been made by state regulators that are designed to help to identify life insurance policy beneficiaries by working with the Social Security Death Master File and checking it against the records for the insurance policies. While the actual regulations for this effort…
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