Fla. Settles With AIG For Life And Annuity Beneficiaries
|Targeted News Service|
Florida Insurance Commissioner
The agreement is between AIG and the
"We are pleased that AIG has signed this agreement, and pledged to fix its practices to appropriately identify deserving beneficiaries," stated Commissioner McCarty, "
"This settlement is another big victory for
"This national settlement ensures that AIG pays benefits rightfully owed to beneficiaries in a timely manner, and it demonstrates our commitment to improving the handling of duly owed funds by the life insurance industry," stated Attorney General
As part of the agreement, AIG agreed to:
Perform comparisons of all in-force and lapsed insureds, accountholders, and annuity owners with a death benefit against the DMF within 60 days, and continue this practice on a monthly basis.
Establish procedures that a DMF listing is prima facie evidence of a death, and procedures to conduct a "Thorough Search" following the notification of such death.
For a period of 36 months, AIG shall provide to the lead states quarterly reports about the implementation and execution of the requirements of the agreement.
Thirty-nine (39) months following the conclusion of this agreement, the lead states will conduct a follow-up examination to determine compliance with the agreement.
In early 2011, the
The states of
Consumers can access more information about the
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