Life Insurance Companies Have Paid More Than $262 Million After Probe

New York Governor Andrew Cuomo announced Monday that Life Insurance companies have paid more than $262 million to more than 32,000 consumers after a probe.

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.

Comments

[link seosmart89]

03:30 AM on 05/02/2012

That's a perfect way to get unpaid benefits of insurance policy.
http://newamsterdamlife.com

[Janine547]

05:09 PM on 04/23/2012

I'm hearing more about what is called "Peasant Plans" companies place on employees that are suffering with life threatening illness but are able to work. When the employee passes away, they company cashes in on the policy.

[sylvia wadlington]

03:35 PM on 04/23/2012

What did people expect, they are an insurance company and the whole object of their profit making is NOT TO PAY WHAT THEY PROMISED TO PAY!
In todays America, banks don't keep money safe, they steal it. Insurance doesn't protect your family, they defraud it. Oil companies don't care about the air, they can afford to breath somewhere else. Big pharma doesn't care about your health or curing diseases, they just want you to take a pill everyday for the rest of you life and pay them a fortune for it.
America needs a lot more than infastructure repairs, we need to repair the damage done to the business regulations that use to keep us safe from all the BIG CORPORATIONS!

[Roc Steady]

05:10 PM on 04/23/2012

Exactly. Martin Luther King Jr. said it best, "America needs a revolution in values."

The Capitalists have taken over our State and our government now serves their interests.

Their is nothing wrong with being a Capitalist so long as you abide by the people. When profit takes precedence over people, then you have a big problem. One that we need to remedy.