Prudential Agrees To Step Up Efforts To Pay Death Benefits

Law360, New York (January 13, 2012, 8:10 PM EST) -- Prudential Financial Inc. struck a deal with 20 states Wednesday requiring the insurer to step up efforts to pay out unclaimed death benefits, resolving a long-standing controversy over the benefits and the extent to which the company tries to track down the beneficiaries of its policyholders.

The agreement calls for Prudential to improve its future efforts to locate beneficiaries by more stringently cross-checking its policy database with public death records.

It also authorizes a third-party auditor, hired by the states, to expand the criteria Prudential has...
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