Mass. attorney general secures $244,000 from Delaware Life Insurance after concerns over annuity payments

By Mark Iandolo | Jun 1, 2018

BOSTON (Legal Newsline) – Massachusetts Attorney General Maura Healey announced May 24 that Delaware Life Insurance Co. will pay $244,000 over allegations it failed to provide payments and forms in a timely and accurate manner for certain annuity contracts.

According to Healey’s office, the company’s systems allegedly failed to deliver annuity contracts to consumers in a reasonable time frame. Because of this, policyholders and beneficiaries allegedly received delayed payments and tax forms. Healey’s office filed an assurance of discontinuance in Suffolk Superior Court with her allegations. 

“People should be able to trust their insurance companies to provide accurate, on-time payments, forms, and other important documents,” Healey said in a statement. “Through this settlement, Delaware Life will compensate affected customers for delays and make improvements to its administrative system to ensure this doesn’t happen to Massachusetts consumers again.” 

Under the terms of the settlement, Delaware Life will contact policyholders and beneficiaries who are eligible to receive settlement funds. 

Handling the case for Massachusetts were Assistant Attorney General Brook Kellerman, legal analyst David Lim and Deputy Director Arwen Thoman of the Attorney General's Office Insurance and Financial Services Division.

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