Pennsylvania Protects Consumers in Reaching Settlement with ING
HARRISBURG, Pa., Aug. 21, 2013
HARRISBURG, Pa., Aug. 21, 2013 /PRNewswire-USNewswire/ -- The Pennsylvania
Insurance Department today announced that it has reached the seventh
multi-state settlement agreement to reform the business practices in the life
insurance industry to protect consumers. This latest agreement involves the
"Like the companies before them, our investigation showed that ING was not
using available information to identify policyholders who have died, in order
to pay their beneficiaries," Commissioner Michael Consedine said. "We commend
ING for its cooperation and willingness to doing the right thing and fulfill
its promises to policyholders."
Under the terms of the settlement, ING will use the Social Security
Administration's Death Master File on a uniform and timely basis to search for
deceased policyholders and make payments to their beneficiaries.
This agreement was reached through the coordinated efforts of seven state
insurance departments: California, Connecticut, Florida, Illinois, New
Hampshire, North Dakota and Pennsylvania.
The companies involved in this latest multi-state settlement agreement were:
oING Life Insurance and Annuity Company
oING U.S., Inc
oING USA Annuity and Life Insurance Company
oMidwestern United Life Insurance Company
oReliaStar Life Insurance Company
oReliaStar Life Insurance Company of New York
oSecurity Life of Denver Insurance Company
To see a copy of the full settlement agreement, visit www.insurance.pa.gov and
click on the "consumer protection" tab. Consumers with insurance questions
should call the department's toll free number at 877-881-6388.
Consumers are also reminded to inform their life insurance beneficiaries of
policies, have copies of any life insurance records in at least two places and
let loved ones know where these records are maintained.
Media contact: Melissa Fox, 717-787-3289
SOURCE Pennsylvania Department of Insurance
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