Complimentary Report: What Makes Someone Buy An Annuity?

Take the next big step in your career.

Take the next big step in your career.

Take the next big step in your career.

Estate Planning Failures of the Rich and Famous V

INN Blog

More Posts
 

AIG To Pay $300M In Death Benefits Case

Associated Press

NEW YORK -- AIG will pay more than $300 million to settle dispute with states over life-insurance payments that go unclaimed, according to California's finance office.

In one agreement over unclaimed property, AIG will pay an estimated $300 million owed on life-insurance claims, according to Jacob Roper, a spokesman for California State Controller's office. That payment will be divided among 39 states and the District of Columbia.

California's share will be between $25 million and $30 million.

In a separate settlement announced Monday, AIG agreed to pay $11 million to insurance regulators.

AIG joins a roster of insurance companies that have pledged to change the way they handle life-insurance claims. Last week, Nationwide agreed to pay $7.2 million in a similar settlement with state insurance regulators. MetLife and Prudential have made similar arrangements.

Copyright: (c) 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Wordcount: 133


USER COMMENTS:


  More Top News

More Top News >>
  Most Popular Top News

More Popular Top News >>
Hot Off the Wires  Hot off the Wires

More Hot News >>

insider icon Denotes premium content. Learn more about becoming an Insider here.