Minn. Fines Life Insurers Over Lump Sump Practices

Law360, New York (August 16, 2012, 9:00 PM EDT) -- Four life insurance giants will pay a total of $800,000 in civil penalties to Minnesota over allegations that they intentionally steered beneficiaries away from choosing lump sum payments, state regulators announced Thursday.

The Minnesota Department of Commerce released consent orders that Prudential Insurance Co. of America, John Hancock Life Insurance Co., MetLife Investors USA Insurance Co. and ING Life Insurance and Annuity Co. signed Wednesday.

The agency said that after detailed examinations, it ordered each company to pay a civil penalty of $200,000. The consent orders...
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