Company Overview of The Lincoln National Life Insurance Company
The Lincoln National Life Insurance Company provides life insurance products and services. The company offers life insurance policies, annuities, financial planning instruments such as retirement savings accounts and mutual funds. The company was founded in 1905 and is based in Fort Wayne, Indiana. The Lincoln National Life Insurance Company operates as a subsidiary of Lincoln National Corporation.
1300 South Clinton Street
Fort Wayne, IN 46802
Founded in 1905
Key Executives for The Lincoln National Life Insurance Company
President and Chief Executive Officer
Vice President and Director
Compensation as of Fiscal Year 2014.
The Lincoln National Life Insurance Company Key Developments
Florida Announces $12.6 Million Multi-State, Multi-Agency Life Claim Settlement Agreement with Lincoln
Dec 10 13
Florida Office of Insurance Regulation announced a $12.6 million life claim settlement agreement has been reached with Lincoln National Life Insurance Company, Lincoln Life and Annuity Company of New York and First Penn Pacific Life Insurance Company (collectively referred to as Lincoln). The settlement agreement with Lincoln and other similar insurers focuses primarily on the asymmetrical use of the Social Security Administration's Death Master File (DMF) to cease making annuity payments, but not to search for beneficiaries of a life insurance policy who may be due benefits. Lincoln has agreed to implement business reforms correcting this practice and to make a multi-million dollar payment, which will be disbursed among the participating states. Florida's allocation of the $12.6 million payment is expected to be more than $1 million.
Mid-Town Body Repair Files Class Action Complaint Against the Lincoln National Life Insurance Company
Dec 9 13
On September 24, 2013, Mid-Town Body Repair, its President, Dennis Reittinger, and Karen Reittinger, his wife, filed a class action complaint in Guilford County, North Carolina Superior Court against The Lincoln National Life Insurance Company, the successor-in-interest to Jefferson-Pilot Life Insurance Company. The lawsuit raises claims on behalf of a class of employers and employees to whom Jefferson-Pilot sold life insurance policies in connection with welfare benefit plans known as Benistar 419 Plans. Mid-Town's complaint alleges that Jefferson-Pilot promoted and sponsored Benistar 419 Plans without informing participants that the plans did not comply with Section 419A of the Internal Revenue Code but instead were illegal tax shelters. Participation in Benistar 419 Plans, according to the complaint, exposed participants like Mid-Town and the Reittingers to IRS audits and substantial tax liabilities and related penalties. On October 25, 2013, Lincoln National removed the lawsuit to the United States District Court for the Middle District of North Carolina on the grounds of diversity of citizenship. Reittinger v. The Lincoln National Life Ins. Co., No. 1:13-cv-00954 (M.D.N.C.). Lincoln National has not yet responded to the complaint, and the federal court has not yet considered whether a class should be certified.
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