Insurers Should Expect More Unclaimed Property Suits
Law360, New York (November 20, 2012, 1:41 PM EST) -- The life insurance landscape in the United States is rapidly changing as a result of multistate investigations, lawsuits and settlements concerning unclaimed property laws. Since 2011, Metropolitan Life Insurance Company, Prudential Financial, John Hancock Life Insurance Company, Nationwide Life and Annuity Insurance Company, Forethought Life Insurance Company, American General Life and Accident Insurance Company, and American General Assurance Company (collectively "AIG") have all entered into settlement agreements that alter the insurers' responsibility to policyholders and policy beneficiaries. In fact, the states, through the multistate settlements, are changing industry practices in ways normally reserved for the legislative or rulemaking processes....
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