MetLife, the largest life insurer in the United States, will
pay $500 million to settle a multi-state investigation into claims payment
practices, the office of California's state controller said on Monday.
According to the CNBC report the investigation related to the use of the Social
Security "Death Master" file,
which lists those who have recently died.
A number of states have accused insurers of using the list
to stop making annuity payments to dead customers, but at the same time not
using the list to check whether any life insurance policy holders had passed
away.
Earlier on Monday, New York officials said their own probe
into Death Master abuses had led insurers to make more than $260 million in
payments to policy beneficiaries who may not have been aware they had money due
to them….
No comments:
Post a Comment