The adjustment with the American International Group (AIG) represents the latest of 13 agreements that the Commerce Department has anchored with activity allowance companies over their abortion to pay beneficiaries back policyholders died.
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To date, these activity allowance settlements accept resulted in absolute payments of added than $226 actor in behind benefits.
"We are authoritative abiding Minnesota consumers get the contributed activity allowance allowances owed to them," said Rothman, whose bureau regulates allowance companies accomplishing business in Minnesota. "When bodies buy activity allowance to advice their admired ones, they assurance that the insurer will pay the promised benefits. That artlessly was not accident in bags of cases. With these settlements, activity allowance companies charge accomplish acceptable on contributed allowances from the accomplished and accommodate appropriate payments to beneficiaries from now on."
The latest adjustment applies to the afterward AIG affiliates: American General Activity Allowance Company, the Variable Annuity Activity Allowance Aggregation and the United States Activity Allowance Aggregation in the City of New York.
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In accession to AIG, settlements accept been accomplished with Allianz, AXA Equitable, John Hancock, Jackson National, Lincoln, MetLife, Minnesota Life, New York Life, Prudential, Riversource, Transamerica and Voya (ING). The Commerce Department additionally continues to investigate claims and acquittal practices at several added activity allowance companies.
As a aftereffect of the agreements and advancing investigations, at atomic $226 actor in claims owed on Minnesota behavior accept been paid either anon to beneficiaries or, back they could not be located, to bearding acreage programs in Minnesota and added states, which authority the funds in assurance until claimed by the applicable owners or their heirs.
The 13 allowance companies accept additionally fabricated a absolute of about $17.7 actor in adjustment payments to the State of Minnesota, including $2.4 actor from AIG.
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The settlements are the aftereffect of across-the-board "market conduct" examinations by the Commerce Department to analyze contributed activity allowance behavior and annuities owed to Minnesotans.
These examinations bent that the allowance companies had bare advice and procedures for anecdotic policyholders and beneficiaries who may be owed account payments. This included abortion to consistently bout their action annal adjoin the Death Master File, a database of deaths aggregate by the Social Security Administration.
As a aftereffect of these deficiencies, the allowance companies in abounding instances bootless to pay allowances to beneficiaries afterwards policyholders had died.
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Under the agreement of the settlements, the allowance companies now charge booty added accomplish to advance authentic information, use the Death Master File and accomplish appropriate payments to beneficiaries.
"I animate Minnesotans to accomplish abiding their activity allowance companies accept abreast acquaintance advice for themselves as able-bodied as their beneficiaries," said Rothman. "Many bodies are never told they are called as beneficiaries in activity allowance policies, so they generally accept no abstraction an allowance acquittal is owed to them."
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