FOR IMMEDIATE RELEASE
REGULATORS TO REVIEW LIFE INSURANCE PAYMENT
PRACTICES
WASHINGTON, D.C. (May 17, 2011) — Working through the
National Association of Insurance Commissioners (NAIC), state regulators
have formed a special task force to help coordinate regulatory investigations
involving the claim settlement practices of life insurance
companies. Specifically, insurance regulators have been investigating
a number of large life insurance companies regarding the possible failure
to pay death benefits to beneficiaries of life insurance policies. The
alleged practices include use of the Social Security Administration’s Death
Master File by insurers for purposes of terminating payments under annuity
contracts, but failing to use this same information to facilitate the
payment of claims on life insurance policies.
“ State regulators are committed to reviewing the full extent of these
practices in the life insurance and annuity industry,” said Susan E. Voss,
NAIC President and Iowa Insurance Commissioner. “ We intend to coordinate
multi-state examinations to effectively utilize our state resources in
achieving resolution of these issues.”
Members of the newly created task force include California, Florida
(chair), Illinois, Iowa, Louisiana, New Hampshire, New Jersey, North
Dakota, Pennsylvania and West Virginia.
To date, the NAIC task force is coordinating with both the Florida Office
of Insurance Regulation and the California Department of Insurance to
conduct two joint public hearings to review industry claims settlement
practices. Below is information on each scheduled hearing:
California Department of Insurance
WHEN:
HEARING CONCLUDED May 23, 2011
Click here to view video of hearing
WHERE:
Secretary of State Building
First Floor Auditorium
1500 11th St.
Sacramento, CA
Contact:
California Department of Insurance
Ioannis Kazanis
916-492-3566
State Controller’ s Office
Jacob Roper
916-445-2636
Florida Office of Insurance Regulation
WHEN:
HEARING CONCLUDED May 19, 2011
Click here to view video of hearing
WHERE:
Pat Thomas Committee Room
412 Knott Building
Tallahassee, FL
Contact:
Jack
McDermott
850-413-2515
Jack.McDermott@floir.com
Brittany Perez
850-413-2515
Brittany.Perez@floir.com
|
