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California Insurance Commissioner Steps Up Investigations of 10 Life Insurance

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California Insurance Commissioner Dave Jones and California Controller John Chiang have increased pressure on life insurance companies accused of unfair claims settlement practices, failure to turn unclaimed money over to the state, and failure to monitor and control dormant retained asset accounts.

The life insurance industry is being hit with investigations in nearly 35 states. According to Fox Business,  California announced it will be begin market conduct examination against MetLife, John Hancock Insurance, Prudential Insurance, Nationwide Insurance, The Hartford, Sun Life Financial, New York Life Insurance Co., Lincoln National Life Insurance Co., Aegon Group (which includes Transamerica) and Pacific Life Insurance Co.

Market conduct examinations investigate alleged law violations, and can serve as the basis for legal actions, which may include license suspensions, restitution, and fines. Florida Insurance Commissioner Kevin McCarty said in a May 19 hearing, that he estimates that life insurers may owe beneficiaries across the country more than $1 billion in unclaimed assets.

breakinglawsuitnews.com disclaimer: This article: California Insurance Commissioner Steps Up Investigations of 10 Life Insurance was posted on Thursday, September 29th, 2011 at 7:09 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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