Kentucky has become the 20th state or jurisdiction to sign the multi-agency, multi-state life claims settlement agreement with Prudential Insurance Company of America and its affiliates, meaning the agreement for Prudential to pay a national $17 million settlement payment is now effective.
News of the agreement was first announced by the Florida and California departments of insurance on Feb. 2.
See also: Prudential Agrees to $17M Unclaimed Property Settlement
“I am encouraged by the fact that other state regulatory officials have quickly added their signatures to make the agreement official,” said NAIC President and Florida Office of Insurance Regulation Insurance Commissioner Kevin McCarty. “Fully implementing this agreement will help safeguard Florida’s policyholders and their beneficiaries.”
Florida was one of seven lead investigatory states to initially sign the agreement. The signatures from an additional 13 regulatory jurisdictions were required to make the agreement effective. The lead investigatory states were Florida, California, Illinois, Pennsylvania, New Hampshire, New Jersey and North Dakota.
All states have until March 31, 2012 to sign the agreement to become eligible to receive the distribution of the settlement payment.