Life insurers pay $262 million after NY probe

Apr 23, 2012, 3:48 PM

ALBANY, N.Y. (AP) – 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.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Life insurers pay $262 million after NY probe