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Saturday April 19th 2014

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State Controller Sues ANICO For Violating Unclaimed Property Law

JohnChiangState Controller John Chiang filed a lawsuit against Texas-based life insurance company ANICO for refusing to turn over records needed to audit the company, which is suspected of failing to pay life insurance benefits to the heirs of deceased policy holders. “In what appears to be a pervasive industry practice, many insurers are fleecing policyholders by warmly welcoming premiums, while turning a cold shoulder when the time comes to pay,” Chiang said. “While seven insurers, to date, have responsibly come forward to work out settlements with my office ensuring that families are made whole, ANICO continues to stonewall the basic legal requirement to open up their books.” Controller Chiang began auditing insurance company practices in 2008, revealing an industry-wide practice of companies failing to pay death benefits to the beneficiaries of life insurance policies, despite having access to federal records indicating that policyholders had died according to a recent report at goldrushcam.com