Hancock Settlement
The group includes members from California, Illinois, Iowa, Louisiana, New Hampshire, New Jersey, North Dakota, Pennsylvania and West Virginia, according to a statement from the NAIC. Model laws may be established to provide more uniformity for unclaimed benefit practices, McCarty said.
Florida's insurance office announced a settlement with John Hancock yesterday, in which the insurer agreed to pay money to beneficiaries with interest dating from the date of death. The settlement also includes a payment of $3 million to the state, of which $600,000 was waived, according to a statement from the insurance office.
John Hancock, a unit of Toronto-based Manulife Financial Corp., agreed to restore the full value of more than 6,400 accounts, denied any wrongdoing and also agreed to establish a $10 million fund to facilitate payments to beneficiaries that cannot be contacted, the statement said.
"This agreement is consistent with John Hancock's longstanding commitment to keeping our promises to owners and beneficiaries of our products," the company said in statement.