Kris B. Mamula
More than 11,000 Pennsylvania policyholders will receive over $174 million in life insurance claim payments following multistate examinations that were led by the state Insurance Department.
The claim payments are for 2014.
"Pennsylvanians are finally receiving life insurance benefits that they were owed," Insurance Commissioner Michael Consedine said in a prepared statement. "Life insurance companies are entering into settlement agreements that require them to reform the way they do business for the benefit of policyholders and beneficiaries here and across the country."
Insurance regulators nationwide have focused on life insurers' selective use of the Social Security Death Master File. Probes have uncovered companies that have used the file to terminate annuity benefits, but fail to trigger payment of life insurance policy benefits.
Kris Mamula covers health care, insurance and employee benefits for the Pittsburgh Business Times. Contact him at kmamula@bizjournals.com or 412-208-3825.
Related links: Policy, Pennsylvania government, Funding, Personal finance, Public sector
Industries: Insurance, Health Care
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