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Schneiderman Expands Life Insurance Investigations

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New York Attorney General Eric Schneiderman has expanded a probe into whether at least nine life insurance companies have sufficiently taken steps to make sure beneficiaries received proceeds of unclaimed death benefits.

Three areas of investigation are

  • whether the companies have sufficiently worked to identify deceased policy holders and their beneficiaries, and made owed payouts
  • whether companies have been negligent in turning over abandoned property like unclaimed life insurance proceeds to state officials who have programs to find rightful owners
  • whether retaining assets alters the earnings profile of an insurance company, which would affect the value of its securities.

Among the companies recently sent subpoenas include units of AXA SA, Genworth Financial Inc., Guardian Life Insurance Co. of America, Manulife Financial Corp., Massachusetts Mutual Life Insurance Co., New York Life Insurance Co., Prudential Financial Inc., and TIAA-CREF.

Regulators in California and Florida as well as the National Association of Insurance Commissioners are all involved in similar investigations.

The investigations were sparked with the expose that a number of insurers have failed to properly identify and pay beneficiaries after the policyholder dies. One Florida regulator has been reported as saying  “life insurers may be keeping $1 billion in unclaimed benefits owed to policy holders, beneficiaries or states.” disclaimer: This article: Schneiderman Expands Life Insurance Investigations was posted on Tuesday, September 27th, 2011 at 7:25 pm at and is filed under Other Lawsuits.

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