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New York Comptroller and Attorney General Join Forces Against Life Insurance Companies

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Attorney General Eric T. Schneiderman and State Comptroller Thomas P. DiNapoli have joined forces to make sure that life insurance beneficiaries receive unpaid benefits. The move comes after the Attorney General’s Taxpayer Protection Bureau launched an investigation into the failure of life insurance companies to pay death benefits or, as required by the Abandoned Property Law, to turn over unclaimed policy proceeds to the Office of the Comptroller. Earlier this year, the A.G. and the Comptroller’s Office began an independent review of the methodologies of the life insurance industry using new data-matching techniques. The review found serious issues in New York and sparked industry investigations by state governments across the country.

“Together, our offices will undertake the largest and most comprehensive investigation of life insurance practices in the country,” Attorney General Schneiderman said.  “Our goal is to make sure that life insurance companies make good on their promises to beneficiaries and their obligations to the state of New York.”

“By combining the Attorney General’s enforcement authority with the Comptroller’s Office audit methodology, we can achieve the maximum public benefit,” Comptroller DiNapoli said.

 

 

 

breakinglawsuitnews.com disclaimer: This article: New York Comptroller and Attorney General Join Forces Against Life Insurance Companies was posted on Monday, November 7th, 2011 at 5:06 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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