Skip to main content
Advertising

Originally published Monday, April 23, 2012 at 8:49 AM

  • Share:
           
  • Comments (0)
  • Print

Life insurers pay $262 million after NY probe

New York Gov. Andrew Cuomo says life insurance companies have paid more than $262 million to more than 32,000 consumers nationwide after an investigation of unpaid benefits.

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

ALBANY, N.Y. —

New York Gov. Andrew Cuomo says life insurance companies have paid more than $262 million to more than 32,000 consumers nationwide after an investigation of unpaid benefits.

The state Department of Financial Services probe found many insurance companies regularly received a list of recent deaths from the Social Security Administration but didn't use them to check whether family members had filed benefits claims. As a result of the investigation, New York demanded that companies check for unclaimed funds and contact beneficiaries.

Following that order in July, insurers reported they cross-checked about 90 million records and made payouts. Cuomo said Monday that a new regulation will require cross-checks in the future.

The state also launched a website where families can search for unpaid benefits on life insurance policies. It's at NYPolicyFinder.com.

News where, when and how you want it

Email Icon


Advertising