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John Hancock Settles With Florida Insurance Regulators

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John Hancock Life Insurance Co., a subsidiary of Manulife Financial Corp., has settled with Florida insurance regulators over the way the company has been handling unclaimed life insurance payments.

According to the terms of the settlement, John Hancock will pay $3 million to cover the costs of the investigation and attorney fees. The insurance agency also agreed to return funds to beneficiaries, including interest payments owed from the date of the death of the policyholder. The company will also establish a $10 million fund for beneficiaries who cannot be contacted, and will provide quarterly reports to the state for three years, Bloomberg reported.

Investigations into the life insurance company began in 2009, and found that the company was not doing enough to make sure that unclaimed benefits are paid to beneficiaries or turned over to state unclaimed property programs, which hold the money until the funds are claimed.

The insurance agency has waived $600,000 of the settlement because of John Hancock’s cooperation.

 

 

 

breakinglawsuitnews.com disclaimer: This article: John Hancock Settles With Florida Insurance Regulators was posted on Wednesday, September 28th, 2011 at 7:33 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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