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 ING Companies.
"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:
- ING Life Insurance and Annuity Company
- ING U.S., Inc
- ING USA Annuity and Life Insurance Company
- Midwestern United Life Insurance Company
- ReliaStar Life Insurance Company
- ReliaStar Life Insurance Company of New York
- Security 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