Prudential has agreed to pay $17 million to 20 states to settle a controversy over unpaid insurance claims.
The company and other life insurers are being pressured to use a Social Security database recording deaths to identify beneficiaries for life benefits, instead of waiting for them to come looking for the payout.
Prudential must "use death master and all other means available to them to ensure that when life insurance policyholders die, their beneficiaries receive the benefits owed," California insurance commissioner Dave Jones said in a statement, reported by
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio