"These settlements are another important step in our effort to reform industry practices regarding the use of the Social Security Death Master File database," said Commissioner Jones. "As other insurers have done, AIG and Nationwide Insurance Companies were found to have selectively used the Death Master File database to cut off payments to annuity holders, but did not use that database to identify deceased life insurance policyholders and pay their beneficiaries. These settlements end that practice. I strongly encourage other insurers to come forward and enter similar agreements. Insurers should pay policy proceeds to beneficiaries of deceased policyholders immediately after the insurers learn from the Death Master File that the policyholders have died."
Commissioner Jones deposited the
Further information on this matter can be found in a previous release from
AIG's (http://www.insurance.ca.gov/0400-news/0100-press-releases/2013/upload/nr006AIG_RSA.pdf) and Nationwide's Regulatory Settlement Agreements (http://www.insurance.ca.gov/0400-news/0100-press-releases/2013/upload/nr006NATIONWIDE_RSA.pdf) are available to the public for viewing.
TNS 23SQ 130118-4171027 StaffFurigay
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