Transamerica Strikes $11M Death Benefits Deal With States

Law360, New York (September 9, 2013, 6:45 PM EDT) -- Transamerica Life Insurance Co. and its affiliates have agreed to pay $11.2 million to states and to more proactively pay beneficiaries on life insurance policies, the result of investigations that have prompted settlements with nearly half of the U.S. life insurance market, regulators said Monday.

The settlement stems from probes that regulators kicked off after learning that some life insurers used the Social Security Administration's Death Master File database to halt payments to annuity holders but did not search the database to identify their own deceased...
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