The Missouri Department of Insurance in the US has reached a settlement with New York Life following an examination into the company’s handling of life insurance and annuity benefits.
The examination reviewed how the insurance firm identified and then paid beneficiaries of life insurance policies and annuities.
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As part of a multi-state settlement, Missouri will receive $179,916.
Department of Insurance director John Huff said that 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," Huff added.
The latest settlement includes New York Life Insurance Company, New York Life Insurance and Annuity Corporation as well as NY Life Insurance Company of Arizona.
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By GlobalData
