Office of Insurance Regulation to Hold Public Hearing on Life Insurance Companies' Practices
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.