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Insurers Subpeonaed on military death benefits

 

Saturday, Jul 31,2010, 10:22:28 PM   Click:

Attorney General Andrew Cuomo of New York Mr. assigned more than six insurers the state is widening an investigation to determine whether life insurance companies defrauded the families of deceased members of the army. Genworth Financial, Guardian Life of America, MONY Life Insurance, New York Life Insurance, Northwestern Mutual Life Insurance and Unum Group has received the subpoenas, said a spokesman for Mr. Cuomo, Richard Bamberger. On Thursday, Mr. Cuomo's office said the subpoenas issued to MetLife and Prudential Financial. The question is whether the insurers, rather than paying lump sums on death of the insured, instead of keeping money in the accounts they control potentially hazardous, and pay low yields for the survivors.

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