2 Life Insurance Companies Settle With Minnesota
May 28, 2014 by Associated Press
ST. PAUL, Minn. (AP) — Two life insurance companies have agreed to settle allegations that they failed to pay beneficiaries inMinnesota when policy holders died.
State commerce CommissionerMike Rothman says thousands of Minnesotans could have payments coming. Rothman saysMetLife will pay the state at least$1.5 million andTransamerica will pay at least$2.5 million.
State officials say that in many cases, the companies stopped paying retirement benefits after a policyholder’s death, but never tracked down the life insurance beneficiaries who were owed a payout. Minnesota Public Radio (http://bit.ly/1k0jgK0 ) saysTransamerica andMetLife must now check polices going back to 1986.
Transamerica says it’s pleased the matter is resolved.MetLife officials say the company uses aSocial Security database to identify any unclaimed policies.
Information from: Minnesota Public Radio News, http://www.mprnews.org
Copyright: | Copyright 2014 The Associated Press. All rights reserved. |
Source: | Associated Press |
Wordcount: | 135 |