Connecticut will share in a $10.7 million settlement from insurer ING, which is alleged to have not adequately seeking out life insurance beneficiaries after policyholders had died.
The settlement, in which ING subsidiaries admitted no wrongdoing, also involved California, Florida, Illinois, New Hampshire, North Dakota and Pennsylvania, according to an announcement from Pennsylvania’s insurance department.
Under the settlement, ING will use a death master file maintained by the Social Security Administration to search for deceased policyholders and make payments to beneficiaries.
The Pennsylvania announcement reminded consumers to inform their life insurance beneficiaries about policies, keep copies of life insurance records in at least two places and let loved ones know their location.
