West Virginia using Courts against Life Insurers

Update:

West Virginia has initiated lawsuits against additional life insurers for non-compliance with the state's unclaimed property laws. On October 16, 2012, lawsuits were filed against American General, Genworth Life and Annuity, Guardian Life, Erie Family Life, Great Western, Pruco Life, United of Omaha, New York Life, American Income and Western and Southern Life insurance companies.

The cases are 12-C-322 through 12-C-331, in Putnam County - the same location as the previous round of lawsuits.

Originally Posted: September 27, 2012

West Virginia state treasurer John Perdue has filed lawsuits against several life insurance companies to collect unpaid and outstanding life insurance proceeds that the companies continue to hold on to, despite legal requirements to turn the money over if beneficiaries cannot be located.

The life insurance companies include Nationwide Life, American General Life and Accident, Axa Equitable Life, Prudential, Hartford Life and Annuity, Massachusetts Mutual Life, New York Life, Monumental Life, Metropolitan Life and Lincoln National Life Insurance.

West Virginia was among the states that originally signed on to the life insurance company audits and settlements, including the settlement with MetLife.

The cases are 12-C-287 through 12-C-296, in Putnam County, West Virginia.

See Also:
NAST Conference Focuses on Insurance Company Audits
Top 10 Unclaimed Property Tips for Insurance Companies