National life insurance companies reach settlement
December 22, 2015 by Associated Press
CONCORD, N.H. (AP) – An examination led in part by New Hampshire’s insurance commissioner has led to a pair of settlements with two national life insurance companies.
Commissioner Roger Sevigny and his peers in five other states led the examination into Jackson National and AXA. Under the settlement, the companies have agreed to compare their records against the Social Security Administration’s database to identify policy holders who have died and to conduct a thorough search for beneficiaries.
Officials say as a result, Jackson National will pay $2.5 million to insurance regulators across the country and AXA will pay $3.28 million.
Sevigny says the companies are doing right by consumers, who will now receive the benefits owed to them.