Change in policy on unclaimed property

"Both state insurance regulators and corporate treasurers “are moving away” from enforcement actions against insurers, i.e., imposing huge fines and dictates on use of the Social Security Death Master File (DMF), on unclaimed property issues, a lawyer and former insurance commissioner says...

That period, dating from 2009, saw enforcement actions by state insurance regulators based on allegations that use of the DMF “asymmetrically,” that is, its use by insurers only to determine if someone has died in order to end payments under guaranty riders in variable annuity contracts constitutes a deceptive practices and mandates that insurers use the DMF frequently to determine whether a policyholder has died."

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