© 2024 KMUW
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

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.

The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.