N.Y. Gov. Cuomo Says Life Insurers Paid Over $262M After Probe

April 24, 2012

  • April 24, 2012 at 7:20 pm
    Matt says:
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    I’m on the P&C side so it’s hard for me to determine where I stand on the burden of pursuing potential beneficiaries. Absent of the fact they were using the databases to cut off payments I don’t agree it is the insurance company’s responsibility to actively identify potential beneficiaries. In the end more families will receive the benefits the policyholder paid for and that’s a good thing. However, the unintended consequence will be increasing rates as life insurance companies increase their payments.

    I think the ideal solution is a national, searchable database that all carriers must feed so family members can find policies. That puts the burden back on the beneficiary to locate policies.

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