Death Master Report

8 Commissioner Jones stated “The settlement I am announcing today represents an important victory for consumers,” said Commissioner Jones. “For many years, MetLife selectively used the Social Security Administration’s Death Master File database to cut off payments to annuity holders but did not use that database to identify deceased life insurance- policyholders and pay their beneficiaries. Under today’s settlement, that practice will end. I hope other life insurers will follow MetLife’s lead and enter into similar agreements.” The settlement required MetLife to run the Social Security Death Master File or similar database monthly to determine whether its life insurance policyholders, annuity owners, and holders of retained asset accounts (accounts holding insurance benefits paid to beneficiaries) have died. If MetLife learned that a policyholder died, it was required to conduct a thorough search for beneficiaries, using beneficiary contact information in its records and online search and locator tools. If MetLife did not find a beneficiary within a year of learning of a death, it was required to transfer the benefit to the appropriate state controller as unclaimed property. Subsequently, California’s Department of Insurance negotiated eight settlements as a lead state. These were with the following insurance groups: • New York Life • John Hancock • Jackson National • Ameriprise • Pacific Life • Aflac • White Mountains (Symetra) • Standard In addition to MetLife and Prudential, other insurers who settled with the lead states include the following insurance groups: • Lincoln National • Aegon • AIG • ING • TIAA (IV. Settlements continued)