Pennsylvania Continues to Protect Life Insurance Beneficiaries in Settlement with AIG

 Pennsylvania Continues to Protect Life Insurance Beneficiaries in Settlement
                                   with AIG

PR Newswire

HARRISBURG, Pa., Oct. 22, 2012

HARRISBURG, Pa., Oct. 22, 2012 /PRNewswire-USNewswire/ --The Pennsylvania
Insurance Department today announced that it has reached its fourth
multi-state settlement agreement in connection with a series of investigations
involving the claim settlement practices of life insurance companies.

"Today, American International Group has joined the ranks of the insurance
companies that have agreed to step up their business practices by implementing
more robust searches to locate life insurance beneficiaries," Commissioner
Michael Consedine said. "We commend AIG's high level of cooperation and
initiative in working to resolve this important issue and see that
beneficiaries receive claim payments."

Under the terms of the settlement, AIG will use the Social Security
Administration's Death Master File on a uniform basis to locate deceased
policyholders and make payments to their beneficiaries. Pennsylvania was
among the lead states in negotiating this settlement, which also requires AIG
to pay a total of $11 million to be shared among those states participating in
the settlement agreement.

AIG joins Nationwide, MetLife and Prudential in reaching national agreements
through the National Association of Insurance Commissioner's Task Force formed
to change the way that life insurance companies handle claims. These companies
will now proactively search for deceased policyholders and beneficiaries, and
must regularly report their compliance to regulators.

To see a copy of the AIG settlement agreement, visit and
click on the "consumer protection" tab. Consumers with life insurance
questions should call the department's toll free number at 877-881-6388. If an
insurance company has been acquired by another, the department can also help
beneficiaries track down the new company.

Media contact: Rosanne Placey or Melissa Fox, 717-787-3289

SOURCE Pennsylvania Insurance Department

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