ING To Fork Over $10.7M Following Death Benefits Probe

Law360, New York (August 20, 2013, 5:35 PM ET) -- ING Life Insurance & Annuity Co. has agreed in a settlement to pay $10.7 million to state regulators and to work harder to track down and pay beneficiaries of life insurance policies, following a multistate probe, becoming the latest life insurer to strike such a deal, officials said Monday.

ING's settlement with regulators from Florida, California, Illinois and other states stems from a probe into ING's use of the Social Security Administration's Death Master database. 

Regulators say life insurers have relied on the database to stop...
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