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2 Life Insurance Companies Settle With Minnesota

Created: 05/28/2014 7:42 AM KAALtv.com

ST. PAUL, Minn. (AP) - Two life insurance companies have agreed to settle allegations that they failed to pay beneficiaries in Minnesota when policy holders died.

State commerce Commissioner Mike Rothman says thousands of Minnesotans could have payments coming. Rothman says MetLife will pay the state at least $1.5 million and Transamerica will pay at least $2.5 million.

State officials say that in many cases, the companies stopped paying retirement benefits after a policyholder's death, but never tracked down the life insurance beneficiaries who were owed a payout. Minnesota Public Radio says Transamerica and MetLife must now check polices going back to 1986.

Transamerica says it's pleased the matter is resolved. MetLife officials say the company uses a Social Security database to identify any unclaimed policies.

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Information from: Minnesota Public Radio News, http://www.mprnews.org

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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