The Connecticut Insurance Department has joined the list of departments that are looking into life insurers’ efforts to determine whether insureds have died and to locate beneficiaries.
The departments in California and Florida are already on a list of 35 departments that hired an outside auditing firm to study insurer compliance with state unclaimed property laws and regulations.
Connecticut is not on the list. Thomas Leonardi, the commissioner in Nutmeg State, says he has started an inquiry because of his concern about some insurers may not be making reasonable efforts to confirm whether insureds have died or to locate a policyholder’s beneficiaries once an insured individual has died.
Connecticut also will investigate reports that some companies such as the Social Security Administration Death Master File to locate annuity payments who have died but not to locate life insurance policy insureds who have died.
- Allison Bell