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John Hancock to Pay $26.3M Over Canceled LTCI Policies | ThinkAdvisor
New York state regulators are imposing a $2.5 million penalty on John Hancock Life & Health Insurance Co. for problems with 156 long-term care insurance policy terminations.
The Boston-based Manulife Financial unit will also have to pay $2.2 million to the New York state Medicaid program, and $21.6 million in extra benefits to policyholders and beneficiaries, in connection with the LTCI policy termination errors, according to a consent agreement posted online by the New York State Department of Financial Services.
New York state regulators are imposing a $2.5 million penalty on John Hancock Life & Health Insurance Co. for problems with 156 long-term care insurance policy terminations.
The Boston-based Manulife Financial unit will also have to pay $2.2 million to the New York state Medicaid program, and $21.6 million in extra benefits to policyholders and beneficiaries, in connection with the LTCI policy termination errors, according to a consent agreement posted online by the New York State Department of Financial Services.
