Fla. (Legal Newsline) — Florida Attorney General Pam Bondi, along with the
Florida Office of Insurance Regulation and the Florida Department of Financial
Services, announced Jan. 30 that subsidiaries of the Ameriprise Group,
RiverSource Life Insurance Company and RiverSource Life Insurance Company of
New York, will pay $1.5 million in a life claim settlement.
to an examination conducted by Florida, California, New Hampshire, North Dakota
and Pennsylvania, the defendants used the Social Security Administration’s
Death Master File (DMF) to stop paying a deceased person’s annuity, but did not use the same information to find and begin paying
the deceased’s family or other beneficiaries for life insurance policies.
will receive $111,000 of the total settlement amount. The funds cover the
state’s case costs as well as future compliance monitoring.
recently implemented legislation in which insurance companies are required to
search the DMF to compare records of both current life insurance policies and
those going back to Jan. 1, 1992, when trying to find beneficiaries of a life
insurance benefit. According to Bondi’s office, this legislation provides
protection for consumers in Florida.