Unpaid Insurance Claims Could Flood Unclaimed Property Coffers
Last Thursday, some big news broke regarding a $17 million multi-state settlement between Prudential Financial and California’s Insurance Commissioner. The deal, when signed off on by 20 states, will affect unclaimed property accounts across the country.
The settlement involves payment practices of death benefits by Prudential. In essence, the settlement forces Prudential to check a master file of social security numbers of their policy holders to determine if the policy holder has died and whether they have paid the beneficiaries. Regulators believe tens of millions of dollars in benefits have never been paid to beneficiaries.
Under the deal, Prudential will be forced to turn the amounts in the policies over to the state as unclaimed property. This would mean that Wisconsin’s unclaimed property account would grow much larger and we would be adding names to the unclaimed property database.
For more information on the case and what it means to unclaimed property, click this link!
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This entry was posted on February 6, 2012 by wistatetreasury. It was filed under Unclaimed Property and was tagged with Insurance, Prudential, Prudential Financial, Social Security number, state settlement, Unclaimed Property Database, wisconsin, wismissingmoney, wismissingmoney.com, www.wismissingmoney.com.