Filed Under:Your Practice, Regulatory

New York Life settles with 6 states

The unclaimed property saga continues

New York Life Insurance Co. (NY Life) has agreed to pay $15 million to state insurance regulators in a deal that resolves all state regulatory and comptroller/unclaimed property agency enforcement actions dealing with the company's unclaimed property practices.

The action, coming on the heels of a June 2013 settlement that NY Life and 10 other insurers reached with a group led by California Controller John Chiang of California and his colleagues, means that the likely next step in the ongoing saga of the unclaimed property probes is a model law drafted by the National Association of Insurance Commissioners (NAIC) that will provide guidance to all insurers going forward.

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Nichole Morford

Nichole Morford
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