Insurance Companies Pay The State Of Kansas For Miscalculations Over Death Benefits
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 they reached the settlements after reviewing how the companies determined 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.
However, the database wasn't being used to identify those life insurance policy holders who had died.
The companies are ING, New York Life, Lincoln National, TransAmerica, TIAA-CREF, Midland, and Aviva and Global Atlantic.