Illinois will share in a $4 million payment as part of an agreement with Iowa-based Aviva Life and Annuity Company, and with Aviva Life and Annuity Company of New York. The settlement results from an investigation into the practices of the 40 largest life insurers.
The announcement was made Thursday by Illinois Department of Insurance Director Andrew Boron. He says it's the 10th settlement with insurers and will help beneficiaries get what they're owed.
Illinois led the Aviva investigation with support from other states.
The new owners of Aviva's life insurance business have agreed to a number of reforms, including using the Social Security Administration's death master file to search for deceased life insurance policyholders so beneficiaries are paid.