Lincoln National Corp has paid $50.7 million in restitution to policyholders of beneficiaries and a $1.5 million fine for lost insurance claims and unfair claims settlement practices after reportedly losing track of thousands of policies upon completing a merger with a competitor.
The consent order entered into with the novel York Department of Financial Services stems from the Radnor-based life insurer and retirement investment company’s 2006 merger with Jefferson-Pilot Corp.
Lincoln (NYSE: LNC),…
Source: bizjournals.com