Lincoln Nat’l settles multistate action for $12.6M
December 11, 2013 by Elizabeth Festa
Lincoln Financial Group companies are the latest insurer to come under the widening umbrella of the Social Security Administration’s Death Master File (DMF) settlements with state insurance departments, this time with a $12.6 million claim agreement with Lincoln National Life Insurance Co. and various life and annuity affiliates.
The latest agreement was the result of a coordinated multi-state examination among state insurance departments in North Dakota, California, Florida, Illinois, Indiana, New Hampshire and Pennsylvania, with Pennsylvania, home of Lincoln, the lead state in this examination.
Established in 2011, the multi-state examination process of the top 40 life and annuity insurers in the United States is coordinated by the National Association of Insurance Commissioners (NAIC) Life/Annuities Claim Settlement Practices Task Force, chaired by Florida Insurance Commissioner Kevin McCarty. Click here to read…
