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Entries in Insurance Companies (1)

Tuesday
Jul052011

NY AG Probing Life Insurance Payouts, Issues Subpoenas

Hemera Technologies/Thinkstock(NEW YORK) -- Some big life insurance firms are reportedly under investigation regarding payments on their policies.

Citing people familiar with the matter, the Wall Street Journal reports that New York Attorney General Eric Schneiderman has handed down subpoenas to at least nine leading insurance companies in an effort to find out whether they have done what they should to make sure policies of deceased customers are paid to beneficiaries.

New York's insurance department is also sending letters to more than 160 companies, urging them to run their lists of policyholders through a government database to find out if death benefits are overdue, according to the Journal.

This latest probe follows public hearings in California and Florida regarding the claims-payment issue.

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