The Missouri Department of Insurance and New York Life have reached a settlement following an examination into the firm’s life insurance and annuity benefits handling.
Missouri will receive $179,916 from New York Life, under a multistate settlement intended for the benefit of policyholders and beneficiaries.
Missouri Department of Insurance said in a statement, "The settlement was reached after a multistate market-conduct examination reviewed how New York Life identified and then paid beneficiaries of life insurance policies and annuities."
Department of Insurance director John M Huff commented, "When consumers pay life insurance premiums, often for decades, they do so to protect their loved ones."
"With this agreement, New York Life’s policyholders can be assured the company will do everything it can to timely locate beneficiaries and pay life insurance claims."
The underwriter has also agreed to implement business reforms that will promote a timely and efficient search for beneficiaries using the Social Security Death Master File to match the names of its insureds and annuitants against the death master files.
The settlement includes New York Life Insurance Company, New York Life Insurance and Annuity Corporation and NY Life Insurance Company of Arizona.