New York regulators have fined the Lincoln Financial Group $1.5 million for the company’s failure to fix widespread claims-processing errors and for delayed reporting of the problem to state officials.
A consent order announced Tuesday by the state Department of Financial Services (DFS) also said that Lincoln Financial, headquartered in Radnor, Pennsylvania, and its life insurer-affiliates have paid $50.7 million to the beneficiaries of New York policyholders that was delayed because of the claims-processing problems.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
