FLORIDA ANNOUNCES $1.9M LIFE CLAIM SETTLEMENT WITH GENWORTH

(The following is a reformatted version of a press release
issued by the Office of the Florida Insurance Commissioner Kevin
McCarty. The release was confirmed.) 
January 21, 2014 
Florida Announces a $1.9 Million Multi-State, Multi-Agency Life
Claim Settlement Agreement with Genworth 
TALLAHASSEE, Fla. - Florida Insurance Commissioner Kevin McCarty
today announced a $1.9 million life claim settlement agreement
has been reached with three companies (Genworth Life Insurance
Company, Genworth Life and Annuity Insurance Company, and
Genworth Life Insurance Company of New York ) who are
collectively referred to as “Genworth.” 
The settlement agreement with Genworth and other similar
insurers focuses primarily on the asymmetrical use of the Social
Security Administration’s Death Master File (DMF) to cease
making annuity payments, but not to search for beneficiaries of
a life insurance policy who may be due benefits. Genworth has
agreed to implement business reforms correcting this practice
and to make a payment, which will be disbursed among the
participating states. Florida’s allocation of the $1.9 million
payment is expected to be more than $161,033. 
The multi-state examination was conducted by Florida,
California, Delaware, Illinois (managing lead state), Iowa, New
Hampshire, North Dakota, Pennsylvania, and Virginia. Along with
these states, the agreement includes the Florida Department of
Financial Services (DFS), the Florida Office of the Attorney
General (AG), and the Florida Office of Insurance Regulation
(Office). 
The settlement agreement requires implementation of the
following business practices and reform measures: 
- Compare all company records against the DMF Update File every
month and against the complete DMF file at least annually. 
- Provide quarterly reports to the lead states about the
implementation and execution of the requirements of the
Agreement for 36 months following its conclusion. 
- A follow-up examination to determine compliance 39 months
following the conclusion of this Agreement. 
Established in 2011, the multistate examination process is
guided and coordinated by the NAIC Life/Annuities Claim
Settlement Practices Task Force, which is chaired by
Commissioner McCarty. 
For more information, visit the Office’s Life Claim Settlement
Practices webpage. To search or submit a request for unclaimed
property, visit www.FLTreasureHunt.org, or call 1-88-VALUABLE or
(850) 413-3089.
​
About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary
responsibility for regulation, compliance and enforcement of
statutes related to the business of insurance and the monitoring
of industry markets. For more information about the Office,
please visit www.floir.com or follow us on Twitter @FLOIR_comm
and Facebook. 
Contact Info:
Amy Bogner
850-413-2515
Amy.Bogner@floir.com 
(bjh) NY 
#<873920.660640.3.10.0.0.76>#
 
 
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