NY Life Uses $15M Death Benefits Deal To Call For Standards

Law360, New York (October 24, 2013, 2:58 PM EDT) -- New York Life Insurance Co. will pay $15 million to California, Florida, Pennsylvania and other states and change the way it pays unclaimed death benefits, regulators said Thursday, in a deal New York Life says will pave the way for national standards on unclaimed property searches.

New York Life is now the eighth of the 10 largest life insurers in the U.S. to settle with regulators over the use of the Social Security Administration's Death Master File database. Regulators say that some life insurers used the...
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