Genworth Life Insurance Company has signed a settlement with the California Department of Insurance as well as other US state insurance departments, related to the use of the Social Security Administration’s Death Master File database.
The recent multistate settlement ensures protection for policyholders and beneficiaries, the regulators said.
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California Department of Insurance Commissioner Dave Jones said, "I am pleased with the outcome of this agreement as it is another success in our nationwide effort to reform life insurance industry practices regarding the use of the Death Master database.
"I am steadfast in my commitment to consumers and will ensure companies make good on their promises to their policyholders."
In accordance with the settlement terms, Genworth will reimburse a total of $1.9m to state insurance departments; out of which California will receive nearly $175,000.
Furthermore, the life insurer has agreed to incorporate an array of business practice reforms, such as use of the Death Master File database to search its records for deceased life insurance policyholders so beneficiaries may be paid.
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By GlobalData
