Arias also mined Social Security Death Master File
records, according to the government's lawyers.
Senate that would restrict access to the Social Security Death Master File
for three years from the date of death, except to persons who are certified under a program to be established by the Secretary of Commerce.
The multi-state settlement requires 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.
In addition to an agreement with ING, California insurance commissioner also released a statement clearing MassMutual of any improper use of the Social Security Death Master File
Whit Comman, an ACLI official, said smaller insurers regard the proposed model as a "setback" because it mandates use of the Social Security Death Master File
(DMF), or its equivalent.
Specifically, the lawsuit said the insurers should have checked their lists of insureds against "readily available information," for example, the Social Security Death Master File
or "or other reliable databases available for use through third-party providers using the DMF information.
based audit firm to use a software program it had developed to determine whether life insurance companies were far more diligent in using the Social Security death master file
to terminate annuity benefits immediately when the owners had died than they were in searching to determine when the owners of life insurance policies had died.
NEW YORK STATE insurance regulators are ordering life insurers to use the Social Security Death Master File
to locate insureds who may have died and report on the effectiveness of the search.
The premise behind the lawsuit was that Hancock and the other insurers used the Social Security Death Master File
to routinely determine whether insureds with living benefit riders to annuities had died, and acted promptly to stop payments when an annuitant died.
In testimony in Florida, Katz said one reason it was easier to use the Social Security death master file
to locate annuities is that the Social Security number is included with these instruments.
According to Jones, the latest settlement requires the John Hancock companies to run the Social Security Death Master File
or similar databases monthly to determine whether their life insurance insureds, annuity owners, and holders of retained asset accounts (accounts holding insurance benefits paid to beneficiaries) have died.