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
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