Anico Life Insurance
ANICO Life Insurance Claims
Estimates are $2.4 billion dollars in death benefits owed beneficiaries and heirs of deceased life insurance policyholders goes unclaimed each year.
Heirs of deceased policyholders and annuity owners may be entitled to receive compensation arising from a 2012 legal settlement between states and a number of underwriters.
Unclaimed property audits undertaken by a number of statesrevealed many major life insurance companies failed to pay death benefits to beneficiaries, despite having confirmation policyholders were deceased. Additionally, some companies continued charging premiums, deducting payments from the policies' cash reserves until depleted, at which time the policy would be cancelled.
A number of insurance Companies participated in a Global Life Insurance Settlement with states; including: AIG, Allianz, Aviva, Forethought, Genworth, Hartford, ING, John Hancock, Lincoln National, MetLife, Midland National, Nationwide, New York Life, Northwest Mutual, Pacific Life, Prudential, Symetra, TIAA-CREF, Transamerica and Western & Southern.
Participating states include: AL, AR, FL, ID, IL, IN, IA, KY, LA, ME, MD, MA, MI, MS, MT, NE, NV, NH, NJ, OH, PA, SC, SD, TN, UT, WA, WY and the District of Columbia..
ANICO: The Texas-based life insurance company declined to participate in the settlement. The California Controller filed suit in May of 2013, alleging ANICO violated the state's unclaimed property law by refusing to turn over requested policy data, and submit to a complete examination of all the company's records.
If the court finds the company has, in fact, failed to pay policy benefits in full compliance with the states' escheat statutes, it could compel an audit. If the audit reveals any unpaid policy proceeds under the statutes, they would be remitted to a government custodian, where they would then be available for claim by beneficiaries.
|A copy of the complaint is available online at: California v ANICO|
|AIG||John Hancock||Northwest Mutual|
|ING||New York Life||Anico / Thrivent Financial|