NEW YORK LIFE INSURANCE COMPANY

Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below. 
I have had nothing but bad experiences with this company and each staff member I've come in contact with. [redacted] has yet to send me a written apology. My car was at a complete stop when the other vehicle hit me, damage is in different area/side from last accident. I was also lied to by [redacted] about the other drivers response to the claim. Due to claims taking months to complete and received funds for my vehicle was unable to go into the shop when originally planned. If Safety fails to satisfy my offer then I will continue to make sure Safety Insurance gets the bad name they deserve. [redacted] hung up on me I in NO WAY want her handling any of my claims with Safety nor Revdex.com. She should be fired.Regards,
[redacted]

This letter is in response to a consumer business complaint received by Safety Insurance on 4/26/2016 regarding the above-captioned matter. The complainant filed an accident claim with Safety Insurance which occurred on 4/14/2016 for damages resulting from a parking lot accident.  Both...

operators agreed that their vehicles had been backing when this loss occurred.  As a result, our assessment of liability was that it should be shared at 50/50.  Upon inspection of the damages to our policyholder’s vehicle, our appraiser determined that the impact to the rear bumper had been damaged in a prior accident on 11/29/2015 and had not been repaired.  Therefore, we informed Ms. [redacted] that no payment would be issued for the current loss since she would not be entitled to be paid twice for damages to the same part of the vehicle that remained unrepaired. Ms. [redacted] felt that she was being treated unfairly because of this claim denial but our position remains unchanged for the above stated reason.  If you have any further questions or would like to discuss this matter further, please contact me at your convenience. Sincerely,   [redacted] Property Claims Unit Manager

Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted]. Please add your rejection comments below. 
 
Regards,
[redacted]

We received a copy of Ms. [redacted]’s complaint to you about her homeowner policy with Safety Insurance.We do routinely review accounts like Ms. [redacted]’s that have had recent loss activity.  We do believe we are fair in our review and often take into consideration other factors beyond the loss...

itself in our renewal decisions.  In this instance we did learn of a prior bankruptcy history.  That bankruptcy, combined with the loss she had earlier this year, did make her ineligible for coverage with Safety.  As a result we did non-renew her policy on 9/30/15.It appears from reading Ms. [redacted]’s complaint that she does have coverage elsewhere.  We trust that whoever is her current agent broker can assist her with her questions about the price of her coverage for the current policy term.I hope that answers any questions you may have.  If you have any further questions, please contact me at [redacted].Sincerely,[redacted], CPCUHomeowner Underwriting ManagerTell us why here...

Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted] Please add your rejection comments below. Regards,
[redacted]

A portion of the insured’s claim was denied based upon an
expert engineering report provided by [redacted].  This
report questioned the cause of loss for many items the insured’s contractor had
sought to repair or replace.  After re-evaluating both the expert report
and...

the independent adjuster’s report, we contacted the policyholder, [redacted], and resolved the matter.  We reached agreement with him and a
supplement payment was issued to resolve the claim. Please see the attached
letter to the insured confirming our discussions regarding this matter.  Tell us why here...

Safety has responded directly with Mr. [redacted] and further information should be obtained from him.  Thank you.

New York Life retirement Plan Services (NYL) sent the Lump Sum Distribution Form on 07/**/2014.
The forms were returned on 08/**/2014 as incomplete (no form of payment elected)
A denial letter was sent the same day (08/**/2014)
A 2nd set of forms was received on **/**/2014
The forms were...

processed that day (**/**/2014)
On 9/** the participant was incorrectly advised that the distribution would not take place until December. However, on 9/** the participant called in to our service center and was advised that the distribution will actually take place on October *, 2014. The participant seemed satisfied with that time frame

To the Revdex.com: We received a copy of Ms. [redacted]’s complaint to you about her auto policy with Safety Insurance not being canceled at her request. This was a misunderstanding regarding what was required for canceling her auto insurance policy.  We now have all of the...

necessary paperwork and have canceled her policy with us at her request.  We thank Ms. [redacted] for the opportunity to insure her auto since 2015.  In the event that we have the opportunity again someday, we would be honored to provide coverage. I hope that answers any questions you may have.  If you have any further questions, please contact me at [redacted] Sincerely, [redacted], CPCU Homeowner Underwriting Manager

Our initial response to this complaint has not changed and we disagree with the contentions outlined in the rebuttal.  With respect to payment delays alleged by our policyholder, we have reviewed the four recent claims filed in the past six months and confirmed that all claim payments were issued timely and properly based on the circumstances involved in each loss.

The calculations you have provided us with are based on your policy cancelling on a pro-rata basis. However, when a policyholder voluntarily cancels his/her policy more than 30 days after the policy effective date, the cancellation is subject to a short rate factor. The percentage of this short rate...

factor decreases with each month that a policy is in effect. Because your policy was effective for more than three months but less than four months, a short rate factor of .045 is assessed against the annual premium. This is not unique to Safety Insurance. Section 31 of your policy references Cancellation and Renewal. Specific language states “If we cancel, the amount of your refund will be determined by a pro rata table based on the number of days the policy was in effect. If the policy is cancelled by you or by law, you will get a refund which is less than proportional to the time involved. It will be based instead on a “short rate” table which compensates us for our expenses in servicing your policy.” The charge associated with the early termination of your policy is valid, however, in consideration of your payment history and the many years you were a customer of Safety Insurance, we will make an exception and waive the short rate charge. This credit will eliminate your balance and result in a refund of $38 which will be mailed to you today.

“Safety has responded directly with the complainant and further information should be obtained from them.”

When a policyholder chooses to finance their premium with a premium finance agency, part of the agreement grants limited power of attorney to the premium finance agency. Payment of the premium is sent to Safety in full and the policyholder is responsible for repayment to the premium finance agency...

according to the terms of the note. Limited power of attorney gives premium finance agencies the legal right to request cancellation of the insurance policy if payments to them are in default. In accordance with M.G.L. c 255C, § 21, if the premium finance agency wants to rescind a pending cancellation notice, then it must do so in writing and Safety must receive that written notice on or before the date on which the policy’s cancellation will be effective. Safety received the request to rescind cancellation 3 days after the cancellation effective date, therefore, the request was denied. In summary, this policy was not cancelled by Safety Insurance. Instead, it was cancelled by the premium finance agency when they exercised their legal right to do so. Referring you to your agent so that you may discuss your replacement insurance coverage options was appropriate and in your best interest.

Safety as responded directly with the complainant and further information should be obtained from them.

Safety Insurance Company received Mr[redacted] complaint that was filed with your office on August 3, 2017.  Safety Insurance contacted Mr. [redacted] directly on August 4, 2017 and the issue has been resolved.  Your office should contact Mr. [redacted] directly for further details of our...

conversation.

Mr. [redacted] first contacted Safety Insurance via a social media complaint on Sunday, Marth 26th. Safety responded to Mr. [redacted] directly via his email address on March 30th with the following explanation:     “Good morning Mr. [redacted],   Your message to Safety via [redacted] was...

delivered to me as it pertains to a billing related matter.   Finance charges are assessed on the unpaid premium balance at the time each billing statement is issued. We identify the actual charge and include a message on the front side of statements. There are considerable costs associated with supporting an installment payment plan including producing and mailing statements and processing payments. The finance charge assessed helps to defer the costs. As the balance decreases, the finance charge decreases as well. Below, you will find detail pertaining to the charges assessed to date indicating how the charges were calculated.    <Calculations Provided>   There are a couple of options available to policyholders who seek to avoid installment charges. The first is to pay the annual premium in full. We realize this may not be possible for all policyholders and offer an Electronic Funds Transfer (EFT) program called Safety Advantage. With Safety Advantage, installment charges are waived and you have the opportunity to choose your monthly withdrawal date at enrollment. This payment option is available to you for both your automobile and homeowner insurance policies.   If this payment option is of interest to you, I would be happy to forward the Safety Advantage authorization form to you. Upon completion, the form is returned to Safety via fax (preferred) or [redacted] mail, and the enrollment process begins.    Should you have any additional questions or concerns, please do not hesitate to contact me.”   At 12:31 pm on March 30th, Safety received the following response from Mr. [redacted]: “Its a scam and I hate your company. Your a professional crook and you want me to see your crooked side as ok. Its not ok... you steal. Maybe next year you can figure a way to steal from me in the pre bill. And now you want direct access to my account, ha. You charge me $38.39 to mail me a bill, excuse me but that seems [redacted], considering this: [redacted] Must be nice to take advantage of people, me I can't do it... It's just not right...” Mr. [redacted] alleges a lack of interest on Safety’s part, however, his rebuttal did not appear to be seeking additional answers, therefore, none were offered. The next contact by Mr. [redacted] was via email on Tuesday, April 18, 2017 at 10:40 a.m. as follows:   Will you refund my charges of $16.29, $38.39, $29.44. or are you ready for me to file complaints?   Please let me know by 12:00 pm 4/18/2017.   Safety sent the following response at 11:28 a.m on April 18th.   “Good morning,   All carriers are required to obtain approval from the Division of Insurance prior to the assessment of any service fees, therefore, the charges assessed to date are valid and will not be reversed.  The Division of Insurance provides consumer information relative to fees charges by carriers. This is public information as is available at: [redacted]
  As a reminder, we offer an EFT payment plan as an alternative. While many carriers assess a small service charge for their EFT payment plan, Safety Insurance does not.”   Minutes later, Mr. [redacted] responded with: “its ok I already filed the complaint, we will see about that reversal...” Safety Insurance maintains that the charges assessed are valid, as approved by the Division of Insurance, and were identified on the billing statement prior to being assessed. Contrary to his allegation, inquiries have been responded to timely, politely and completely.

Review: On September ** New York Life took $240.41 from my bank account for policies previously cancelled. On September * I mailed in signed policy cancellation notices for: [redacted] I called New York Life and the representative confirmed that my policies we cancelled on September **. Yet on September ** New York Life took $240.41 from my bank account to pay for the policies. When I called to correct this, I was informed that I would have to send a letter to the billing department to ask for my money back even though my policies were cancelled at the time of the withdrawal. Per the dates above, I sent the signed surrender notices well before my monthly payment was due. Isn't taking money when you're not entitled to it referred to as theft? If so, New York Life stole from me. And now, even though they are clearly at fault, they want me to send them another signed letter to ask for the money back. This is beyond unethical. This is criminal.Desired Settlement: I want the full amount of $240.41 returned to my account immediately. I don't want New York Life to take money out of my account ever again.

Business

Response:

Dear [redacted]:

Your correspondence, dated October *, 2013, to Corporate Vice President [redacted] has been referred to me for reply. I appreciate your patience while I reviewed [redacted]'s concerns.

Per the information provided by [redacted], a review of records shows that New York Life has refunded all monies due to [redacted] as requested. I am including the following timeline outlining the handling of [redacted]'s surrender request for each policy.

• August *, 2013: Received request for surrender of policy from [redacted] through our online service center

• August *, 2013: Acknowledged request via email and notified [redacted] we were sending him the appropriate forms to surrender his policy

• September **, 2013: Received completed surrender forms dated August *, 2013

• September **, 2013: Processed surrender as requested sending surrender proceeds of $969.82 directly to [redacted]'s checking account.

Please note that [redacted] was provided with a confirmation letter in which we provided the calculation used to determine the amount sent to him. For your convenience, I've enclosed a copy of this letter confirming that a refund of the August and September premiums, equaling $341.82 was included in the total amount provided to [redacted].

• August *, 2013: Received request for surrender of policy from [redacted] through our online service center

• August *, 2013: Acknowledged request via email and notified [redacted] we were sending him the appropriate forms to surrender his policy

• September **, 2013: Received completed surrender forms dated August *, 2013

• September **, 2013: Removed policy from the automatic withdrawal arrangement, however the surrender process could not be completed until we verified that the September premium had cleared [redacted]'s account.

• September **, 2013: Verification was received that payment cleared the bank and a refund check was issued in the amount of $69.50 to [redacted]'s address of record.

Please note our records currently reflect that the above mentioned refund check has not been cashed by [redacted] and we would be happy to stop and reissue this check at his request. New York Life Insurance Company

In view of the circumstances explained above, it is our position that the company handled [redacted]'s surrender requests appropriately and no further funds are due to the client.

[redacted], I hope that you find this information helpful for your review. Should you need further documentation or additional information about this matter, please feel free to contact me directly at ###-###-#### or via e-mail at [redacted]

Corporate Vice President

Review: I had a Simple IRA through my company with New York Life. I recently purchased a house so I needed to take a distribution from my IRA before my closing date. I called and when I asked about a distribution they informed me there would be a $25 distribution processing fee. When I asked if there was a way around this they informed me I could fill out a form and fax it in and that would be the work around. So the guy emails me the form, I fill it out and there is a spot on the form that says ADDITIONAL COMMENTS and I write explaining my situation and state: If there are any additional fees associated with this distribution aside from the 10% I'm withholding for federal taxes please let me know. I leave my name, phone number, etc. Needless to say I receive my distribution and I"M CHARGED A FEE. I called explaining this is an already stressful situation, that I even have to pull from my Simple IRA, that I called in advance where their customer service told me I would not be charged a fee if I went this other route and I even included additional comments in the form asking them to reach out if there were additional fees associated with the distribution. I was passed from one customer service person, to another, finally to a supervisor (Jessica B[redacted]) where she informed me there was nothing she could do, the fee exists no matter which route I submit a distribution, that they would give feedback to their staff and that unfortunately the people who process the forms do not have any means to contact me so that note was awash. WHAT? They don't have phones? Why leave a spot for additional comments on your forms if no one can do anything about them? Also I imagine if my form was incomplete, they would have surely not processed it and reached out notifying me with a ....PHONE CALL?! The most ridiculous thing about this was they would absolutely not take any responsibility that I was misinformed and that they have a system in place that obviously doesn't work. They didn't care. This company is greedy, unaccountable, charges fees quarterly AND annually (so you would think they would know all about their fees). I will absolutely never do business with them and will steer everyone clear of their business.Desired Settlement: $25 processing fee refund

Consumer

Response:

At this time, my complaint, ID [redacted] regarding New York Life Insurance Company has been resolved.

(By clicking "OK", your complaint will be closed as Resolved.)

Sincerely,[redacted]

Review: I not sure what issue this would be but my step father took out a life ins policy in Feb of this year he passed away in Aug of this year.the terms of the policy is that if policy is under 2 years old it will be in a contestable period witch I understand but everytime I call to check on the status they tell me they are still working on it I know for a fact that the Drs office sent them the medical records a month ago, and they lied to me today saying it takes the VA quite some time to get back to them. My Stepfather died of cancer that was not detected until the end of July so when he took policy out he didn't have cancer .Desired Settlement: I would like them to try and settle this as soon as possible as it has been 4 months since I opened the claim. The funeral expenses need to be paid soon.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

The Life Ins Company has paid the claim as of today Thank you for all your help

Review: A whole life policy with a face value of $150,000 was purchased in 1987 with premiums paid for the first7 years with all subsequent premiums paid through dividends earned.No addional out lay would be required by the insured.New York Life's projections indicated that with dividends and internal loans net death benefit would accrue to $199,180 at age 80(my age on April **,2014).On July **,2013 I was notified that the insurance policy has lasped due to non-payment of premiums plus a total amount due of $10,370.94 by August ** 2013 to reinstate policy.Also, failure to do so will result in a taxable gain of $55,004.60Desired Settlement: Reinstatement of policy in accordance with original agreement

Business

Response:

Dear [redacted]:

This is in response to your email to Corporate Vice President [redacted] letter on August *, 2013 concerning the above-referenced life insurance policy. I have reviewed [redacted]'s statement included with your correspondence.

Policy [redacted] was issued as a $150,000 face amount Whole Life Insurance policy owned by and insuring the life of [redacted] with a policy date of July *, 1987. As explained in the attached letter dated July **, 2013, if the annual premium of

$4,360.50 due on July *, 2013 and the loan interest of $6,010.44 are not remitted by August **, 2013, policy [redacted] will lapse, and all insurance coverage will cease. The letter of July **, 2013 also advised [redacted] that the lapse of his policy will result in a taxable gain of $55,004.60, which we are required to report to the Internal Revenue Service, as well as to any applicable state authorities.

[redacted]'s policy contract explains that premiums on a Whole Life policy are payable during the lifetime of the insured. A copy of the contract is enclosed (Exhibit I}. The Company, however, offers some alternate methods for paying premiums. One such method is the Premium Offset Proposal (POP). Under POP,

premiums are paid by current and accumulated dividend values, including paid-up additions, to the extent available. Dividends are not guaranteed, therefore any alternate premium- paying plan, such as POP, under which the scheduled premium is not remitted by the policyowner, cannot be guaranteed to be sustained indefinitely. The enclosed brochure fully explains POP(Exhibit II).

Information regarding dividends and the fact that they are not guaranteed was provided to the policyowner at the time that he purchased this product. The policy contract, the illustrations shown to [redacted] at the time of sale, and the annual policy summaries that he received (discussed below) all indicated that dividends are not guaranteed and are subject to change .

As indicated in the premium, loan and dividend histories, the premiums on policy [redacted] have been paid by POP from 2000 to 2012. The policy histories are enclosed (Exhibit Ill}. By letter of September *, 2012, a copy of which is attached (Exhibit IV), [redacted] was notified that due to current economic conditions affecting dividends and interest rates, his policy's dividends would no longer be sufficient to maintain the policy on POP in 2013, and he was provided with alternative options to pay the required premiums.

The loan history for policy [redacted] also indicates that the contract's Automatic Premium Loan ("APL") provision has prevented the policy from lapsing when the required premium was not remitted. Through the policy's APL provision, a loan is established against the policy's cash value to pay the premium due and any interest that has accrued on those loans.

A loan against a whole life insurance policy accrues interest. Each year the policyowner is mailed notice of the loan interest due and offered the opportunity to remit payment of that interest. Any unpaid interest is added to the policy as an additional loan. Any outstanding loan and loan interest is deducted from the policy death benefit at the time that a claim is made. At any time that the outstanding loan or loan interest due, plus any premium payment due, exceeds the policy cash surrender value, the policy will foreclose, which is the situation that occurred in this instance. If the policy loan is still outstanding when a policy is surrendered or lapses, the amount of the loan (including interest due) will be considered taxable income to the extent that there is gain in the policy. A copy of our July **, 2013 letter notifying [redacted] that his policy lapsed is enclosed. (Exhibit V).

On the occasion of each loan made against the policy, a confirmation letter was mailed to [redacted] for his records. In addition, each year the Company mailed him a notice of loan interest due, providing him with the opportunity to remit payment. If payment was not received, the annual interest due was added to the total loan amount . Those notifications also provided [redacted] the opportunity to repay the entire loan. A copy of the September *, 2012 loan statement is enclosed (Exhibit VI).

Moreover, in accordance with the terms of the policy, on or about each policy anniversary the Company mailed to [redacted] an Annual Policy Summary of his Whole Life policy. These summaries reflect policy activity during the previous year including information about the amount of premiums paid, the dividends that were credited to the policy, and information about any outstanding policy loans. A copy of the most recent Annual Policy Summary is enclosed (Exhibit VII).

Please note that [redacted]'s concerns pertaining to the sale of policy [redacted] relate to a class action lawsuit that was settled in 1996. The settlement was approved by court order, and within the court order, all such claims, including [redacted]'s were released. As a result, class members have been enjoined from pursuing such claims except as provided by the terms of the settlement.

As a class member, [redacted] was mailed the Class Notice on August **, 1995 and mailed the Post Settlement Notice (inclusive of election forms} on October **, 1996. The notices were mailed to his address of record at that time, [redacted]. Class members who believed that their policies were misrepresented had the option of submitting their claims to an Alternative Dispute Resolution process. The ADR process provided class members such as [redacted] with a no-cost, efficient, and fair means of resolving any claims they might have had concerning their policies.

However, in order to participate in the ADR process, a class member was required by the court's order to submit his or her election form to the Company by a certain date, which was shown on the election form that was sent to [redacted], as a class member. Class members who failed to submit election forms by the required date were barred by the court's order from asserting their claims at a later date.

Our records indicate that [redacted] did not submit an election form electing to participate in the ADR process. Since he did not submit a timely ADR election form, and due to the fact that the time for filing such forms has expired, he was not entitled under court order to submit an ADR claim now or to obtain relief. Nevertheless, despite the foregoing, in the interest of good customer relations New York Life has reviewed [redacted]'s concerns relating to his policy.

As part of our review of this matter,we contacted Agent [redacted] and asked that he respond to the concerns in his letter. [redacted] stated [redacted] was provided with an illustration at the time of sale which included then-current dividend projections, which were not guaranteed. A copy of [redacted]'s statement is enclosed. (Exhibit VIII).

As part of our review, we rely on information submitted by policyholders to substantiate their concerns. As we have not been provided with any documents to support [redacted]'s concerns, we are unable to make any extra -contractual adjustments to his policy at this time.

[redacted] may contact the Cleveland Service Center at [redacted] to discuss the contractual options that may be available for policy [redacted].

Sincerely,

Corporate Compliance Department Enclosures

Business

Response:

Dear Sir or Madam:

This is in response to your email to Corporate Vice President [redacted] letter on October **, 2013 concerning the above-referenced life insurance policy.

We have reviewed [redacted]'s additional communication included with your letter, and note that he indicated that he had provided his local New York Life insurance agent with documentation pertaining to his policy. While we have responded to [redacted]'s concerns by letters dated August **, 2013 and September **, 2013, copies of which are enclosed, we will be happy to review this matter further if we are provided with additional documentation to substantiate [redacted]'s concerns. As of the date of this letter, we have not received any new documentation from [redacted].

Accordingly, at this time we must adhere to our previous determination that extra­ contractual adjustments to [redacted]'s policy are not warranted in light of the documentation discussed in our August **, 2013 letter. We once again encourage [redacted] to contact the Cleveland Service Center at ###-###-#### to discuss the contractual options that may be available for policy [redacted].

Consumer

Response:

At this time, my complaint, ID [redacted] regarding New York Life Insurance Company has been resolved.

(By clicking "OK", your complaint will be closed as Resolved.)

Sincerely,