Prudential To Pay $17M To End Death Benefits Probe

Law360, New York (February 2, 2012, 7:43 PM EST) -- Prudential Insurance Co. of America has agreed to pay $17 million and overhaul its business practices in order to resolve a multistate investigation over the nonpayment of death benefits to the beneficiaries of life insurance policyholders, according to an agreement announced Thursday.

Under the terms of the resolution reached with Florida regulators and several states' attorneys general, Prudential will overhaul its computer system and revise its business practices to better utilize the Social Security Administration’s death master list to identify life insurance beneficiaries who have not...
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