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New York to Probe Legality of Benefit Retention by Insurers

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The New York State Insurance Department plans to review the legality of an industry practice that directs death benefits to accounts managed by carriers on behalf of beneficiaries.

“It’s troubling that people are not getting an immediate payment and that the insurance companies at least seem to be making some effort to make money off this,” Matthew Gaul, deputy superintendent and head of the New York regulator’s life insurance division, said yesterday in an interview.