life insurance investigation Archives

Life insurance recovery reaches $1.1 billion

July 19, 2013July 16, 2013 H. Cutner

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…

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

December 6, 2011May 7, 2013

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…