TIAA-CREF Pays $6M In Multistate Life Insurance Accord

Law360, Miami (June 25, 2013, 5:17 PM EDT) -- TIAA-CREF Life Insurance Co. and its affiliates have entered into a $6.2 million multistate life claim settlement, Florida Insurance Commissioner Kevin McCarty said Monday, as part of a push to make sure insurers properly locate beneficiaries or make payments to states' unclaimed property divisions.

Florida, California, Illinois, North Dakota, New Hampshire and Pennsylvania have served as lead states for examinations, which focus on getting companies to use the U.S. Social Security Death Master File to locate beneficiaries. TIAA-CREF said that a year before the multistate examination,...
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