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Media Advisory

Office of Insurance Regulation to Hold Public Hearing on Life Insurance Companies' Practices
Friday, April 22, 2011
Contact Info:

 

Jack McDermott
Brittany Perez
850 413-2515
850 413-2515

OTHER INFORMATION: The Florida Office of Insurance Regulation (Office) delivered investigative subpoenas to Metropolitan Life Insurance Co. and Nationwide Life Insurance Co. requesting that a corporate representative appear in Tallahassee to explain their company's business practices regarding these issues. Although these are the first companies to receive subpoenas - the Office is examining other companies on this issue because the Office's information encompasses a substantial part of the life insurance industry.


The Office's ongoing industry examinations have revealed that some companies may use the Death Master File to stop annuity payments, but fail to use this same information to investigate claims for life insurance proceeds to the detriment of policyholders and beneficiaries.


Florida is a member of a national task force evaluating claim settlement practices and compliance with unclaimed property laws. Members of the national task force have been invited to participate in this hearing. In Florida, the investigations/examinations have been coordinated with the offices of Chief Financial Officer Jeff Atwater and Attorney General Pam Bondi.​

Who:
Life Insurance Companies
What:

The Office will conduct a public hearing to evaluate a potential industry practice that incolves claim settlement practices, use of the U.S. Social Securtity Administration's Death Master File, and compliance with unclaimed property laws.​

When:
Thursday, May 19, 2011 9:30 AM
Where:

Pat Thomas Committee Room
412 Knott Building
Tallahassee, Florida

The Florida Channel will be broadcasting the hearing live.​

Contact Info:

 

Jack McDermott
Brittany Perez
850 413-2515
850 413-2515

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm.

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