TALLAHASSEE, Fla. — John Hancock Life Insurance Co. has reached a settlement with Florida insurance regulators resolving a dispute over the way the company handles payments for life insurance beneficiaries.
The agreement announced Wednesday stems from an investigation by the Florida Office of Insurance Regulation and other state agencies into the Boston insurer’s business practices.
An audit of the company begun in 2009 led state officials to conclude the company isn’t doing enough to make sure that unclaimed benefits, such as life insurance, annuities and deposit account proceeds, are paid to beneficiaries, or after a certain period, turned over to the state, as required by law.
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