Florida Announces Two Multi-Agency, Multi-State Life Claim Settlement Agreements Totaling $600,000
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office), Florida Department of Financial Services, and the Florida Office of the Attorney General today announced national life claim settlement agreements have been signed with State Farm for $250,000 and Aflac for $350,000.
These settlement agreements facilitate the use of the Social Security Administration’s Death Master File to determine if the insured, annuitant, or account holder is indicated.
In its sixth year, this multi-state national effort has resulted in the successful return of more than $8.7 billion in unknown or lost policy proceeds to beneficiaries directly by the companies and over $3.25 billion delivered to the states’ unclaimed property programs, which continue efforts to locate and pay beneficiaries.
To date, state insurance regulators have either reached settlements or concluded the investigation of 30 of the top 40 companies constituting over 81% of the total market. Efforts continue to be focused on the examination of the remaining 10 insurers.
State Farm and Aflac have agreed to compare all company records against the DMF to determine whether there are unclaimed death benefits, search for those beneficiaries, and otherwise remit unclaimed proceeds to the appropriate state authority. Florida’s allocation of the collective multi-state settlement payments by the two companies is $41,759, which covers the costs of the investigations and future compliance monitoring.
For more information, visit the Office’s “Life Claim Settlement Practices” webpage. To search or submit a request for unclaimed property, visit www.FLTreasureHunt.org, or call 1-88-VALUABLE or (850) 413-3089.