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NY Attorney General Subpoenas Nine Insurance Companies Regarding Pay Outs

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New York Attorney General Eric Schneiderman has issues subpoenas to nine life insurance companies requesting information regarding how they identify and pay out policies for deceased clients. The companies involved are AXA SA, Genworth Financial Inc., Guardian Life Insurance Co of America, Manulife Financial Corp., Massachusetts Mutual Life Insurance Co., MetLife Inc., New York Life Insurance Co., Prudential Financial Inc., and TIAA-CREF, Reuters reported.

An anonymous source reported the non-public probe, and told Reuters that the investigation is regarding whether the companies have done enough to identify beneficiaries of life insurance policies of deceased policy holders. The Attorney General is also seeking information about unclaimed policies that are supposed to be turned over to the state.

Guardian, TIAA-CREF, Genworth and AXA have all reported they would comply with the subpoenas. The other companies were not available for comment requests by Reuters.

The New York State Insurance Department has issued a notice that all insurers licensed in the state must begin using an official government death list to identify when policy holders die, and when death benefits are due to the beneficiaries, Reuters reported.
 disclaimer: This article: NY Attorney General Subpoenas Nine Insurance Companies Regarding Pay Outs was posted on Wednesday, July 6th, 2011 at 11:37 pm at and is filed under Fraud Lawsuits.

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