8.01.2010

Cuomo widens insurer probe with 6 more subpoenas

Read entire article HERE.

" The attorney general is probing whether life insurers are defrauding families of deceased military personnel by siphoning millions of dollars of death benefits for themselves.
At issue is whether insurers, rather than pay out lump sums upon the deaths of the policyholders, instead keep money in potentially risky accounts they control, and pay low yields to the survivors.
"It is shocking and plain wrong for these multinational life insurance companies to pocket hundreds of millions in profits that really belong to those who have lost family members," Cuomo said in a statement on Thursday.
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