OIR to Review Life & Annuity Claims Practices
The Florida Office of Insurance Regulation has announced a public hearing at which it will investigate claims settlement practices in the life and annuity industry. The OIR has directed that representatives of two insurers appear in Tallahassee on May 19 to address its concerns, and OIR advises that it continues to examine other insurers.
According to the OIR, some insurers are using the Social Security Administration’s Death Master File to stop annuity payments, whereas they are not using this same information in their investigation of life insurance claims.
Florida is a member of a national task force considering this issue. The OIR reports that it has coordinated with Florida CFO Jeff Atwater and Attorney General Pam Bondi in pursuing these investigations and examinations.