Tackling The Unclaimed Property Debate

Law360, New York (July 25, 2011, 3:00 PM EDT) -- The life insurance industry is under attack again. Last year, regulators and plaintiffs’ lawyers cried foul over the industry’s use of retained asset accounts. This year, complaints center on life insurers’ failing to search public records for deceased insureds and thus failing to pay all death benefits due and owing. These “failures” are even more egregious, according to some, because many of these same insurers routinely search public records to terminate life-contingent annuity payments.

At a public hearing in May, Florida Insurance Commissioner Kevin McCarty, who...
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