Lincoln National Strikes $13M Death Master File Settlement

Law360, New York (December 10, 2013, 6:31 PM EST) -- Lincoln National Life Insurance Co. and two affiliates have agreed to pay $12.6 million and to promptly identify when policyholders have died as part of a settlement with California, Florida, Illinois, Pennsylvania and other states.

Regulators have targeted life insurers after learning that some used the U.S. Social Security Administration's Death Master File to halt payments to annuity holders but did not comb the database to identify deceased policyholders and pay beneficiaries who were collectively owed billions of dollars.

Including Tuesday's settlement with Lincoln National, Lincoln...
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