Tag: New York life insurance

Life insurance benefits worth $665 million unclaimed in New York

H. Cutner
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

Marc

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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