California Investigation of Insurance Companies Expands to 10 Insurers
We recently posted a few articles about California’s investigation of life insurers’, the expansion of that investigation to other states, and the eventual multi-million, multi-state settlement between John Hancock and 35 states regarding escheat practices. Now, according to an article published on insure.com, California is investigating 10 more insurers regarding their payment of death benefits. According to the article, California’s investigation has expanded from John Hancock to include MetLife, Prudential, Nationwide, The Hartford, Sun Life Financial, New York Life, Lincoln National and Aegon Group, which includes Transamerica and Pacific Life.
Based upon similar hearings that have been conducted by the Florida Department of Insurance, the total amount of unclaimed funds owed to the states may be in excess of $1 billion.