TOPEKA, Kan. (AP) — Kansas will receive more than $510,000 from six insurance companies as part of a national settlement over the calculation of death benefits.
The insurance commissioner's office said Tuesday the settlements were reached after a review of the companies' practices in determining when a policy holder had died.
Previously, the companies used the Social Security Death Master File to search and stop payments for deceased annuity holders, but the database wasn't being used to identify those life insurance policy holders who had died.
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The settlement requires the companies to use the database to pay beneficiaries promptly. The companies are ING, New York Life, Lincoln National, TransAmerica, TIAA-CREF, Midland, and Aviva and Global Atlantic.
Money will be deposited into the state's general fund.
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