Live Insurance News

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…

Life insurance law in Vermont drives insurers to pay

June 6, 2013June 4, 2013 Julie Campbell

Companies in the state were not adequately seeking beneficiaries are now paying out. Auditors in Vermont have determined that many of the life insurance companies in the state were not being adequately aggressive to seek out the beneficiaries of policyholders that had died, and steps have now been taken to remedy that trend. This has meant that many beneficiaries were not receiving the payments that were due to them. A number of large life insurance companies in Vermont, such as Lincoln Financial, Prudential, and AIG, have each reached settlements with…

Life insurance companies actively seeking out beneficiaries

May 29, 2013May 27, 2013 G. Turner

The industry is recommending that policyholders take actions to help to make sure death benefits are received. The life insurance industry has been facing some hurdles across many states as many companies have not made extensive efforts to locate the beneficiaries of policies belonging to individuals who have died. Insurers are now making a number of changes as states alter their requirements to find beneficiaries. However, the industry is also recommending that policyholders take a few extra steps to help to make sure that the money that they are paying…

Life insurance reserves calculations change approved by regulators

December 6, 2012April 30, 2013

State authorities have moved forward a new and controversial standard for insurers in the sector. Life insurance news has been made by state regulators that have now given their approval for a new standard for the way that insurers in the sector will perform their reserves calculations, despite the heavy controversy and claims that it will not work. Critics say that the economy will face too much of a risk in larger states, and the implementation will be too expensive. The approval was made by the National Association of Insurance…

Life insurance company pursued by New Mexico officials

November 6, 2012April 30, 2013

The insurer is currently at risk of being shut down if it doesn’t make its payments. Officials in New Mexico are currently working to collect over $100,000 from a life insurance company that has previously stated that it will not make payments to two deceased state employees who had been paying for this coverage. The insurer, which is based in Oregon, has stated that a lack of medical history form prevents the payment. According to Ed Burckle, the General Services Department Secretary, the reason that the life insurance company will…