March 7 Insurer Lincoln Financial Group has paid $50.7 million to policyholders for lost insurance claims as part of a settlement, the New York State Department of Financial Services (DFS) said on Tuesday.
The settlement also includes a fine of $1.5 million for unfair claims settlement practices, the DFS said in its consent order.
While investigating Lincoln Financial, the DFS found that the merger of Lincoln with Jefferson-Pilot in 2006 led to technical issues that caused Lincoln to lose track of a large number of life insurance policies nationwide. (Reporting by Sweta Singh in Bengaluru; Editing by Anil D'Silva)
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