Lincoln Financial hit with $1.5M claims-processing fine

March 8, 2017 by Joel Stashenko

New York regulators have fined the Lincoln Financial Group $1.5 million for the company’s failure to fix widespread claims-processing errors and for delayed reporting of the problem to state officials.

A consent order announced Tuesday by the state Department of Financial Services (DFS) also said that Lincoln Financial, headquartered in Radnor, Pennsylvania, and its life insurer-affiliates have paid $50.7 million to the beneficiaries of New York policyholders that was delayed because of the claims-processing problems.

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Originally Posted at LifeHealthPro on March 7, 2017 by Joel Stashenko.